Our Brazil operation continued to report operating losses, but at a significantly reduced level.

We believe this partnership with FEMSA will strengthen Kaiser's overall position in the Brazilian market. By maintaining a minority ownership interest and the possibility of launching Coors Light in Brazil, we expect to continue to participate in the upside we see in the Kaiser business and the Brazilian beer market.

Last year, we committed to a strategic review of our Brazilian business. We made good on that commitment, and this transaction is the result. The transaction allows us to focus on our biggest markets and to continue to deliver the cost synergies and other benefits related to the Molson Coors merger. It also represents a winning proposition for Kaiser in Brazil, as it further aligns branding, production, selling and distribution operations.

Last year, we committed to a strategic review of our Brazilian business. We made good on that commitment, and this transaction is the result.

From a financial standpoint, the cash drain on the Brazilian business is unacceptable and must be addressed quickly.

Our third-quarter financial results reflected encouraging volume and financial performance in Canada and the United States despite extensive competitive price discounting in some of our largest markets.