Pabst Ponders Sale
SAN ANTONIO - Pabst Brewing Co. may soon put itself up for sale, according to an Associated Press report.
The company is wholly owned by the Kalmanovitz Charitable Foundation, set up after the death of brewery magnate Paul Kalmanovitz, who bought the company in 1985. Pabst, based in San Antonio, said it has hired the investment bank Merrill Lynch & Co. to look into the feasibility of a sale, according to the news report.
But Pabst spokesman Sam Singer said the federal tax law requires that the charitable foundation sell Pabst by mid-2005 if it obtains a reasonable offer. If a suitable buyer cannot be found by that date, he said, the foundation's ownership can be extended, the AP report stated.
Pabst, founded in Milwaukee in 1844, is the nation's fourth largest beer company, selling more than 25 labels. Among its best-known names are flagship Pabst Blue Ribbon, Old Milwaukee, Schlitz, Lone Star, Pearl, Colt 45 and Stroh's, the report stated.
The company does not own any brewing plants of its own. Instead, Pabst has long-term contracts with large breweries to produce its beers, according to the news report.
The company is wholly owned by the Kalmanovitz Charitable Foundation, set up after the death of brewery magnate Paul Kalmanovitz, who bought the company in 1985. Pabst, based in San Antonio, said it has hired the investment bank Merrill Lynch & Co. to look into the feasibility of a sale, according to the news report.
But Pabst spokesman Sam Singer said the federal tax law requires that the charitable foundation sell Pabst by mid-2005 if it obtains a reasonable offer. If a suitable buyer cannot be found by that date, he said, the foundation's ownership can be extended, the AP report stated.
Pabst, founded in Milwaukee in 1844, is the nation's fourth largest beer company, selling more than 25 labels. Among its best-known names are flagship Pabst Blue Ribbon, Old Milwaukee, Schlitz, Lone Star, Pearl, Colt 45 and Stroh's, the report stated.
The company does not own any brewing plants of its own. Instead, Pabst has long-term contracts with large breweries to produce its beers, according to the news report.