8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM 8-K

                                 CURRENT REPORT
     Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported)    May 21, 2004

                              ADOLPH COORS COMPANY
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             (Exact name of registrant as specified in its chapter)

          Delaware                      1-14829                  84-0178360
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(State or other jurisdiction          (Commission               (IRS Employer
      of incorporation                File Number)           Identification No.)

                311 - 10th Street
                 Golden, Colorado                                   80401
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     (Address of principal executive offices)                     (Zip Code)

Registrant's telephone number, including area code      303.279.6565

                                 Not Applicable
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          (Former name or former address, if changed since last report)



ITEM 9. REGULATION FD DISCLOSURE

      On May 21, 2004, Adolph Coors Company issued a press release announcing
that Coors Brewers Limited (CBL), its operating subsidiary in the United
Kingdom, reached an agreement with the U.K. division of TrenStar, Inc. to
outsource the ownership, procurement and tracking of kegs and casks in the U.K.
A copy of this communication is attached hereto as Exhibit 99.1 and is
incorporated herein by reference.

      Pursuant to instruction B.2 of Form 8-K, the information contained in this
report shall not be deemed to be "filed" with the Securities and Exchange
Commission for the purposes of Section 18 of the Securities Exchange Act of 1934
(the "Exchange Act") or otherwise subject to the liabilities of that section,
nor shall it be deemed incorporated by reference into any filing under the
Securities Act of 1933, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.

                                   SIGNATURES

      Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                                 ADOLPH COORS COMPANY
                                                 (Registrant)
Date: May 21 2004
                                                 /s/ Annita M. Menogan
                                                 Annita M. Menogan, Secretary



                                  EXHIBIT INDEX

Exhibit No.     Description
- -----------     -----------
99.1            Release dated May 21, 2004

EX-99.1

                                                                    Exhibit 99.1

 Coors Signs Agreement to Outsource Keg Management for U.K. Brewing Operations

    GOLDEN, Colo., May 21 /PRNewswire-FirstCall/ -- Adolph Coors Company
(NYSE: RKY) today announced that its Coors Brewers Limited (CBL) operating
subsidiary in the United Kingdom has reached an agreement with a U.K. unit of
Denver, Colo.-based TrenStar, Inc. to outsource the ownership, procurement and
tracking of kegs and casks.
    Under the 15-year container management services agreement, TrenStar will
acquire CBL's keg and cask inventory and provide ongoing container management
services for Coors in the U.K., including installation of radio frequency
identification (RFID) tags on each container and the use of container tracking
technology.  As a result, Coors will receive an up-front cash payment for its
U.K. keg and cask inventory, avoid future capital expenditures for new
containers, and begin "per-fill" payments to TrenStar for container management
services.
    "Our keg management agreement with TrenStar is a significant and highly
beneficial move for Coors," said Tim Wolf, chief financial officer for Adolph
Coors Company.  "The arrangement will provide opportunities for more effective
use of cash, further debt reduction, and increased returns on capital."
    Peter Kendall, chief executive officer of CBL, said, "The sale of our keg
and cask inventory, together with the outsourcing of related services, will
improve our retail trade service levels, significantly increase container
asset utilization and reduce container loss rates, all of which will help us
drive sales and profitability.  This transaction also creates the possibility
for a number of U.K. brewers to move toward a single pool of containers in the
future, which would further increase container utilization rates, efficiencies
and service levels."
    The company estimates that the agreement will increase CBL cash flow
approximately $70 million in 2004.  This improvement is composed of an
immediate cash payment of about $50 million from TrenStar for CBL's
approximately 1.2 million kegs and casks, along with capital spending
avoidance partially offset by tax effects of the transaction.
    Adolph Coors Company expects net income for the current year to be
impacted negatively by approximately $3 million, or $0.08 per share, primarily
due to a higher effective income tax rate resulting from the transaction.  The
effective tax rate increase is largely due to a U.S. tax gain resulting from
the containers being sold for more than their depreciated tax basis.  The
impact of the TrenStar agreement on earnings in future years is expected to be
minimal.  The company noted that its effective tax rate also could be
affected, positively or negatively, by implementation of additional operating
and asset management initiatives currently under development in both its U.S.
and U.K. operations.
    Founded in 1873, Adolph Coors Company is the world's ninth-largest brewer.
The company's U.K. subsidiary, Coors Brewers Limited, is the U.K.'s
second-largest brewer, with brands that include Carling -- the best-selling
beer in the U.K. -- Grolsch, Worthington's, Reef and the recently launched
Coors Fine Light Beer.  Adolph Coors Company's principal U.S. subsidiary is
Coors Brewing Company, the third-largest brewer in the U.S., with a portfolio
of malt beverages that includes Coors Light, Coors Original, Aspen Edge,
Killian's, Zima and Keystone family of brands.  Adolph Coors Company stock
trades on the New York Stock Exchange under the symbol RKY.  For more
information on Adolph Coors Company, visit the company's website at
www.coors.com.

    Forward-Looking Statements
    This press release includes "forward-looking statements" within the
meaning of the federal securities laws, commonly identified by such terms and
phrases as "expects" or "expected to," "could be affected," "estimates" and
other terms with similar meaning indicating potential impact on our business.
It also includes financial information that has not been reviewed by the
Company's independent auditors.  Although the Company believes that the
assumptions are reasonable upon which this financial information and its
forward-looking statements are based, it can give no assurance that these
assumptions will prove to be correct.  Important factors that could cause
actual results to differ materially from the Company's projections and
expectations are disclosed in the Company's filings with the Securities and
Exchange Commission.  These factors include, among others, changes in consumer
preferences and product trends; any inability of a supplier to provide
sufficient packaging materials; and increases in costs generally.  All
forward-looking statements in this press release are expressly qualified by
such cautionary statements and by reference to the underlying assumptions.  We
do not undertake to publicly update forward-looking statements, whether as a
result of new information, future events or otherwise.

SOURCE  Coors Brewing Company
    -0-                             05/21/2004
    /CONTACT:  Media, Laura Sankey, +1-303-277-5035; or Investors, Dave
Dunnewald, +1-303-279-6565, or Kevin Caulfield, +1-303-277-6894, all of Coors
Brewing Company/
    /Web site:  http://www.coors.com /
    (RKY)

CO:  Coors Brewing Company; TrenStar
ST:  Colorado, England
IN:  FOD
SU:  JVN