Word: heileman
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...appreciate the taste of fine foreign brews like Heineken and Beck's. Since 1980, U.S. consumption of imported beer has risen 58%, compared with 1.3% for domestic brands. Though imports still account for less than 5% of the U.S. market, American brewers are responding to the heightened competition. Heileman, for example, is building a new plant to brew German-style beer...
...turned out, failing at brewing was one of the best things that ever happened to him. He sold his beer brands (Grain Belt, Hauenstein and Storz) to G. Heileman Brewing and auctioned off machinery, thus making a $5 million profit. He used that money in a joint venture with the Pohlad family of Minneapolis to buy nearly $300 million worth of property and uncollected bills from bankrupt retailer W.T. Grant for the fire-sale price of $44 million. Says he: "That was the mother lode that got it all going." It earned him the nickname Irv the Liquidator...
...partners, adding yet more turmoil to the churning industry. Pabst Brewing Co. of Milwaukee, once a leading brewer, has spent the past two months trying to merge with Olympia Brewing Co. of Washington State, while in the process having to fend off takeover attempts by the Wisconsin-based G. Heileman Brewing Co., as well as legal attacks by a dissident Pabst shareholder, Irwin Jacobs. Meanwhile, the Stroh Brewery Co. of Detroit, which acquired New York City's F. & M. Schaefer Co. in 1981, is still struggling to digest its latest takeover victim, the venerable Jos. Schlitz Brewing...
Among the handful of regional brewers actually to have prospered in recent years is G. Heileman Brewing Co. of La Crosse, Wis. The company jumped from 15th to fourth in the industry during the past decade by buying up old regional brands like Grain Belt, Rainier and Black Label, and running them more efficiently than had their previous owners. So far, the brewer's attempt to expand nationally by taking over Pabst has been stymied by the Milwaukee firm's defensive maneuvers to fend off acquisition. Moreover, the Justice Department has threatened antitrust action against the takeover because...
...fact, last week, even as the new regulations were going into effect, the Justice Department announced that it would move to block the G. Heileman Brewing Co. of La Crosse, Wis., from acquiring Pabst Brewing of Milwaukee. It was the second time in the past year that the department had refused to permit Heileman, the fourth largest American brewer, to take over another beer company. In October, Washington stopped its drive to acquire the Jos. Schlitz Brewing Co. Last week the Justice Department ruled against Heileman's offer to pay $24 per share for Pabst, the fifth largest...