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Pastimes : BEER -- Ignore unavailable to you. Want to Upgrade?

To: JakeStraw who wrote (1048)	4/30/1999 2:53:00 PM
From: SIer formerly known as Joe B.	Read Replies (1) \| Respond to of 3689

Pabst Purchase of Stroh Brands and Pennsylvania Brewery Complete Miller to Produce Pabst Brands Under Expanded Contract SAN ANTONI0, April 30 /PRNewswire/ -- Pabst Brewing Company announced today that it has acquired a majority of the malt beverage brands from The Stroh Brewery Company, as well as Stroh's Lehigh Valley, Penn. brewery. In addition, Pabst has entered into an agreement with Miller Brewing Company that will expand the current contract brewing arrangement and transfer the Hamm's and Olde English brands to Miller. Within six months, Pabst will also transfer its Tumwater, Wash. brewery facility to Miller. This transaction is being financed by a $185,000,000 Senior Credit Facility arranged by Lehman Brothers, Inc. In addition, Lehman Brothers acted as financial advisor on the transaction. Pabst Chairman and Chief Executive Officer William Bitting said, "This acquisition presents many challenges and opportunities for our Company. Having Miller, a world-class brewer, produce the majority of our volume allows us to implement our 'virtual brewer' strategy. We have been successful the past two years in utilizing this structure, but we must now execute the plan on a larger scale. "Working with our wholesalers and suppliers, we will meet all challenges head on and achieve the success this opportunity offers." Pabst Brewing Company is a wholly owned subsidiary of S&P Company, a California corporation. SOURCE Pabst Brewing Company -0- 04/30/99 /CONTACT: Bill Bitting of Pabst, 210-270-0903/ CO: Pabst Brewing Company; Stroh Brewery Company; Miller Brewing Company ST: Michigan, Pennsylvania, Texas, Wisconsin, Washington, California IN: FOD SU: TNM * end of story *