History
Miller Brewing Company was founded in 1855 by Frederick Miller when he purchased the small Plank-Road Brewery. The brewery's location in the Menomonee Valley in Milwaukee provided easy access to raw materials produced on nearby farms.
On September 19, 1966, the conglomerate W. R. Grace and Company agreed to buy 53% of Miller from Mrs. Lorraine John Mulberger (Frederick Miller's granddaughter, who objected to alcohol) and her family. On 12 June 1969, Philip Morris (now Altria) bought Miller from W.R. Grace for $130 million, outbidding PepsiCo. On 30 May 2002, Miller was acquired by South African Breweries from Philip Morris for $3.6 billion worth of stock and US$2 billion in debt to form SABMiller, with Philip Morris retaining a 36% ownership share and 24.99% voting rights.
On August 14, 2006, Miller Brewing announced it had completed the purchase of Sparks and Steel Reserve brands from McKenzie River Corporation for $215 million cash. Miller had been producing both products prior to this purchase.
On October 10, 2007, SABMiller and Molson Coors agreed to combine their U.S. operations in a joint venture called MillerCoors. SABMiller owns 58% of the unit, which operates in the United States but not in Canada, where Molson Coors is strongest. Molson Coors owns 42% of the joint venture. However, the companies have equal voting power.
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