Molson Coors, SABMiller Combine U.S. Ops

The makers of Coors and Miller Lite plan to combine their U.S. brewing operations in an effort to compete better against industry leader Anheuser-Busch.

The joint venture announced Tuesday will be known as MillerCoors and will have responsibility for selling brands including Miller Lite, Miller Genuine Draft, Coors, Coors Light and Molson Canadian in the U.S.Anheuser-Busch Cos. accounts for about half of the U.S. market with brands such as Budweiser, Michelob and Bud Light.

SABMiller PLC will have a 58 percent economic interest in the venture and MolsonCoors Brewing Co. will own 42 percent of the new company. They will have equal voting interests, however.

Precise financial terms of the deal were not disclosed.

"It is clear Miller and Coors will be a stronger, more competitive U.S brewer than either company can be on its own," said Molson Coors Chief Executive Leo Kiely, who will be the new CEO of the joint venture.