Molson Coors: Swanky New Montreal Brewery On Tap

(RTTNews) - Molson Coors announced plans to spend up to $500 million to build a new brewery at Old Montreal instead of renovating its existing brewery.

The company said that the decision to build new brewery was based on a two-year feasibility study.

"The Montreal brewery is an emblem and this historic site will be an invaluable legacy for the city," Molson Coors Canada CEO Fred Landtmeters said in a statement.

The company plans to maintain a microbrewery and store at the 231-year-old site near Old Montreal. However, the company has not decided on the new location to build a new brewery. The company expects to build a new Quebec brewery in about five years.