The trade followed the Rangers’ decision to designate Anderson for assignment on Monday.
Anderson, 27, went 0-1 with an 8.10 ERA and one save in 23 relief appearances for Texas last season. He struck out 29, walked 10 and allowed 11 homers in 26 2/3 innings.
While pitching for Triple-A Round Rock last season, Anderson was 3-0 with a 2.93 ERA and one save in 26 appearances.
That followed a 2023 season in which he was 2-1 with a 5.05 ERA in 26 relief outings for Texas.
Molina, 21, was a seventh-round pick out of Arkansas in the 2024 amateur draft. He made two starts for Class A Carolina last season and struck out six over five shutout innings. Molina also made two postseason appearances last year — one for Carolina and one for Class A Wisconsin.
To make room for Anderson on their 40-man roster, the Brewers designated left-handed pitcher Tyler Jay for assignment. Jay, 30, went 0-0 with a 4.70 ERA last season in five combined appearances with the Brewers and New York Mets.
