Molson Coors Beverage Co. could receive up to $25 million in tax credits for bringing 377 jobs to Milwaukee, retaining 540 existing jobs at its corporate center in the city and investing in the facility.
The new positions would include 236 jobs making more than $100,000 per year with 47 topping $150,000 annually, according to a Wisconsin Economic Development Corp. report to the state Legislature’s budget committee.
The increase in jobs is part of a restructuring initiative Molson Coors announced last year. The brewing giant said it would bring functional support roles from several locations around the country to Milwaukee as part of an effort to streamline operations.
At the time, Molson Coors said it would eliminate 400 to 500 jobs, including closing its Denver offices. The company did not know exactly how many positions it would bring to Milwaukee.
A WEDC staff report says the company could have moved 540 corporate jobs from Milwaukee to Denver without the incentive package.
Molson Coors could earn $10.86 million in tax credits for retaining those jobs in Milwaukee through 2024.
Another $13.86 million would be available for the creation of the 377 new jobs the company is bringing to the city. Those positions include 12 at the executive level, 35 at the director level, 110 at the manager level and 220 at the analyst level.
While the executive, director, manager and some analyst positions have salaries exceeding $100,000, including an average of nearly $231,000 annually for the executive jobs, WEDC tax credits are only awarded on wages paid between $30,000 and $100,000.
Molson Coors could also receive $280,000 in tax credits for $2.8 million in capital investment for the renovation of the Milwaukee corporate center and new equipment.
Separate from the tax credit agreement, the company is also investing $14.8 million in a new slim can line at its Milwaukee brewery.
The tax credit deal also calls for Molson Coors to withdraw from $2.45 million in tax credit agreements from 2017 when the company expanded its business services center in Milwaukee. The company has to create 65 new positions and transfer 85 employees from MillerCoors over two to three years.
No credits have been awarded under those contracts because employees were paid by MillerCoors, not the Molson Coors entity that reached the agreement with the state.
Molson Coors told WEDC it has 45 full-time employees working in the Milwaukee global business services center after building it out in 2018.
Statewide, Molson Coors has 1,290 employees in Wisconsin, including 601 at its Miller Valley brewery, 46 at its 10th Street brewery in Milwaukee, 74 at the Leinenkugel brewery in Chippewa Falls and 15 at its Watertown hops facility.