We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anheuser Busch InBev SA NV | EU:ABI | Euronext | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.32 | -0.57% | 55.84 | 55.80 | 55.84 | 55.98 | 55.38 | 55.80 | 376,709 | 13:48:26 |
By Tripp Mickle
Anheuser-Busch InBev NV is moving its U.S. sales and marketing hub to New York City from St. Louis next year as the world's biggest brewer searches for ways to reverse declining volumes in its largest market.
The new office, which involves nearly 250 people, represents a new economic blow to St. Louis. The Midwestern city already has lost hundreds of jobs at Anheuser-Busch since Belgium's InBev acquired the leading U.S. brewer and maker of Budweiser in 2008 for $52 billion.
AB InBev's U.S. headquarters will remain in St. Louis, where Anheuser-Busch got its start more than a century ago. St. Louis also will remain home to the majority of its U.S. corporate employees, in addition to its largest U.S. brewery.
But the brewer said Tuesday it will open another New York office next year to house its U.S. commercial division. Many employees will be relocated from St. Louis. The company's high-end U.S. business that works with brands like Stella Artois and Shock Top will also move to New York.
AB InBev Chief Executive Carlos Brito and other senior company executives are already based at the global corporate office in New York. The company's formal headquarters are in Leuven, Belgium.
The company said the relocated employees won't work at the company's existing New York office. It is looking for new office space in the city.
AB InBev said it decided to relocate sales and marketing to New York so that staff could be nearer to advertising agencies and sports leagues it sponsors, such as the National Football League and Major League Baseball.
Management also thinks shifting jobs to New York will help it recruit new employees and retain top marketers and sales executives, according to people close to the company.
AB InBev, an aggressive cost cutter, laid off several hundred U.S. employees last month. It is consolidating its sales regions to seven from eight and shuttering its internal media buying division, Busch Media Group.
The giant brewer eliminated 1,400 jobs in the U.S. after acquiring Anheuser-Busch InBev in 2008, or about 6% of the workforce at the time. Many of those cuts were in St. Louis.
The maker of Michelob and Bud Light has seen its U.S. beer volumes shrink for several years as more consumers switch to small "craft" brewers. AB InBev reported its earnings before interest, taxes, depreciation and amortization in the U.S. fell 2.1% in the first nine months of the year.
The majority of AB InBev's marketing staff will move to New York by next summer, including its media, brand management and insights divisions, according to people familiar with the matter.
The innovation group, which helps launch new products, and experiential marketing, which oversees licensing and the brewer's famous Clydesdale horses, will remain in St. Louis.
Write to Tripp Mickle at Tripp.Mickle@wsj.com
Access Investor Kit for Anheuser-Busch InBev SA
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=BE0003793107
Access Investor Kit for Anheuser-Busch InBev SA
Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US03524A1088
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Anheuser Busch InBev SA NV Chart |
1 Month Anheuser Busch InBev SA NV Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions