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Stephan, Eric and Ian Molson
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Behind the populist image of ‘Joe Canada’
is a prominent Montreal family whose roots go back seven generations.
It all began with John Molson, an 18-year-old British immigrant
who, in 1786, established what is now North America’s
oldest brewery. It is an unrelenting focus on their business
that has allowed Molson’s to survive for more than two
centuries.
Today, Molson is a public company in which the Molson family
owns the controlling shares. The largest shareholder is sixth
generation brew master Eric Molson, who apprenticed in the
company and became Chairman of the Board in 1988. “It’s
in my blood…it’s been my whole life. I’m
a brewer,” says Eric Molson. When Molson took over as
Chairman, the company had spent 30 years diversifying. “The
results of that were pitiful,” admits Vice Chair Ian
Molson. “The company destroyed billions of dollars of
shareholder value.” It took eight years to re-focus
on brewing and in 1998 the Molsons spent an estimated $1 billion
buying back the shares they had sold to Foster’s and
Miller Brewing.
In 2000, Molson did the unexpected, they bought the Bavaria
brewery of Brazil. And then two years later, the much larger
Kaiser brand. Molson now brews more beer in Brazil than it
makes in Canada. And in the last three years, its net worth
has tripled from $1.5 billion to $4.5 billion.
Original Air Date - February 18, 2003
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