The MillerCoors joint venture has officially begun.

"Now that the transaction has closed and MillerCoors is a reality, the strong leadership team we have put in place is ready to execute and realize the tremendous potential of this great organization," Graham Mackay, CEO of SABMiller, said in a statement.

MillerCoors combines the U.S. and Puerto Rico brewing operations of London-based SABMiller and Denver-based Molson Coors Brewing Co.

By combining parts of the previously separate businesses, including eight major breweries, MillerCoors expects to realize annual savings of £225m.

The two companies each named five members to the MillerCoors board.

From the Molson Coors side:

• Pete Coors, vice chairman
• Peter Swinburn, president and CEO
• Sam Walker, global chief legal officer and corporate secretary
• Stewart Glendinning, global CFO
• Dave Perkins, president of global brand and market development

From the SABMiller side:

• Graham Mackay, CEO
• Malcolm Wyman, CFO
• Nick Fell, group marketing director
• Johann Nel, group human resources director
• Sue Clark, corporate affairs director

MillerCoors released updated pro forma figures that reveal that for the year ended March 31, the joint venture sold 70.1 million barrels, up from 69 million barrels a year earlier.

Revenue rose to £3.5bn from £3.3bn during the same period, while EBITDA increased to 331mn from £421m.