THE firm will develop a 75,000HL (150,000 keg) craft brewery in Cork, the first development from its new emerging markets and craft beer unit.
The company said that these investments are central to Molson Coors Ireland's plans to build a strong share in the burgeoning craft beer market as well as a significant Irish craft-beer export business to international markets.
Craft beer is expected to grow from €24m to approximately €235m in retail sales value or 10pc of the Irish beer market by 2017.
Molson Coors' Irish craft brewery operations will be chaired by one of Franciscan Well Brewery's founders, Shane Long, who is also the chairman of the Irish Craft Brewers Association.
The Franciscan Well Brewery was established in 1998 on a site in Cork City dating back 800 years to 1219.