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BRANDS WILL LIVE ON DESPITE THE CORPORAT -- CORPORATE NAME CHANGE. MILWAUKEE AND MILLER BEER HAVE GONE HAND IN HAND SINCE THE YEAR 1855 >> IT IS PART OF OUR HERITAGE. IT IS PART OF OUR HISTORY. IT IS PART OF OUR PRESENCE. >> MAR -- >> BUT STARTING JANUARY 1, MOLSON-COORS, THE PARENT COMPANY IS GIVING THE MILLER NAME THE BOOT. IT’S ALL PART OF A CONSOLIDATION PLAN WHERE THEY’LL CLOSE THEIR NORTH AMERICAN HEADQUARTERS IN DENVER, CUTTING SOME 500 JOBS AND MOVE MANY OF THEM TO CHICAGO AND MILWAUKEE. A MOVE MAYOR TOM BARRETT SAYS WILL BENEFIT THE CITY. MILWAUKEE IN THIS RECONFIGURATION WILL COME OUT WITH HUNDREDS OF ADDITIONAL NEW JOBS. >> ANNOUNCER: - >> THERE ARE CURRENTLY 1400 MILLER-COORS EMPLOYEES IN MILWAUKEE, THE COMPANY SAYS THE NEW JOBS WON’T BE IN THE BREWERY , RATHER ADMINISTRATIVE LIKE FINANCE AND COMMUNICATIONS. AND WHEN IT COMES SIGNAGE AND THE MILLER LABEL. WHAT HAPPENS TO IT? >> THE BRANDS DON’T CHANGE. THEY WILL BE UNTOUCHED. >> ALL MADE IN THE MILLER VALLEY, WHICH WILL ALSO KEEP ITS NAME. >> THE LEGACY IS STILL INTACT DESPITE THE MAIN CHANGE. -- THE NAME CHANGE. TOYA: HILLARY, THIS NEWS CAME ON THE SAME DAY THE COMPANY REPORTED A LOSS OF MORE THAN $400 MILLION IN THE THIRD QUARTER. DOES THIS NAME CHANGE HAVE ANYTHING TO DO WITH THAT? >> THEY SAY THIS WAS NOT A KNEE JERKED REACTION. THEY ADMIT TIMES ARE TOUGH IN THE BEER INDUSTRY, BUT THE

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MillerCoors just announced a major reorganization.Molson, MillerCoors' parent company, is dropping Miller from the brand name.The company will be known as Molson Coors Beverage Company.According to a press release on its website, corporate jobs will be moving to Milwaukee.The brewing company will eliminate up to 500 other jobs outside of Milwaukee.It's not immediately clear how many jobs will be added in Milwaukee."Bottom line is yes, this is a win for Milwaukee," a Miller spokesperson told WISN 12 News.Molson Coors President and CEO Gavin Hattersley laid out a sweeping corporate restructuring and revitalization plan aimed at streamlining the organization and reinvesting $150 million annually in its business around the globe. The changes are effective Jan. 1, 2020."Our business is at an inflection point,” Hattersley said in a statement. “We can continue down the path we’ve been on for several years now, or we can make the significant and difficult changes necessary to get back on the right track.”The changes include a new corporate leadership team.Molson Coors will close its Denver office and make Chicago its North American headquarters.The company said "most support functions, including finance, information technology, procurement, supply chain, legal and human resources, will be consolidated in Milwaukee."Miller products will remain but the brand name will not be included internationally."The brands aren't gonna change and the brands are really our identity," a spokesman told WISN 12 News. "The legacy is still intact despite the name change. Miller will remain synonymous with Milwaukee."“In my mind, there is no choice. We must change,” Hattersley said. The changes “will put us on the path to achieve consistent top-line growth by enabling us to do things that today simply are not possible.”The new name, Hattersley said, “speaks volumes about who we are and what is possible for our business.“We cannot and will not wait,” Hattersley said at the close of his employee note. “We will move faster and free up resources. We will invest in our brands and in our capabilities. We will regain the glory of our past, and we will create a brighter future for the Molson Coors Beverage Company.”Molson Coors also announced Wednesday that it had a loss of $403 million in the third quarter.The company reported net sales of $2.8 billion for the quarter, down 3.2 percent from 2018.Miller brewing started in Milwaukee in 1855 and became MillerCoors in a joint venture with Coors Brewing Company in 2008.Mayor Tom Barrett said the move will be beneficial for Milwaukee."It's part of our heritage. It's part of our history. It's part of our presence," he said. "Milwaukee in this re-configuration that it is undergoing for Moslon Coors will come out with hundreds of additional new jobs."A Miller spokesperson said the company expects the new employees to be working in Milwaukee by July 1, 2020. Wisconsin House Speaker Robin Vos, R-Rochester, celebrated the announcement.“I would like to thank MillerCoors for expanding its workforce in Wisconsin and its continued commitment to the state. Gov. (Tony) Evers also should be commended for following through on the income tax credits that Gov. (Scott) Walker and the Wisconsin Economic Development Corporation authorized for the company in 2017," Vos said. "It’s good to see that the governor is beginning to understand the importance of providing incentives to help spur business and job growth.”As of 2017, MillerCoors had about 1,400 employees in Milwaukee.Some are represented by Brewery Workers UAW Local 9.Molson Coors stock closed down about 3 percent Wednesday to $53 per share.Get breaking news alerts with the WISN 12 app or our email newsletters.Follow us: Facebook | Twitter | Instagram | YouTube