CoorsTek cuts 65 jobs, says report
About two months after it was bought out by the Coors family, CoorsTek Inc. on Thursday laid off 65 employees, or 2.5% of its workforce, according to a report from the Denver Post today.
The Golden, Colo.-based company said the move was due to the downturn, according to the report. It now has about 2,635 worldwide, including about 1,075 in Colorado, it added.
In December, the Coors family succeeded in buying out the packaging materials company which bears it's name, CoorsTek. The board of CoorsTek Inc., which is led by John Coors, signed a merger agreement for $26 per share in cash with Keystone Holdings LLC and Keystone Acquisition Corp.
CoorsTek, formerly Coors Ceramics, was once part of Adolph Coors Co., the No. 3 U.S. brewer. Keystone Holdings LLC is owned by John Coors, CoorsTek's chairman, president, and CEO, and a trust, which has been established for the benefit of various Coors family members. Keystone Acquisition Corp. is a newly-formed company wholly-owned by Keystone Holdings (see Dec. 23, 2002 story ).