MEXICO: FEMSA lines up US$730m investment
FEMSA has followed its full-year figures earlier this week with the unveiling of plans to invest heavily in its drinks businesses this year.
The Latin American group said yesterday (26 February) that it intends to plough around US$400m into its beer division, with a further $30m going to its Brazilian beer operations and $300m being spent at Coca-Cola FEMSA, in which FEMSA holds a 53.7% stake.
The figures were revealed by the head of FEMSA's investor relations, Juan Fonseca, in a conference call with analysts. No further details were given of specific intentions for these investments.
FEMSA yesterday posted rising earnings and sales for 2006. The Mexican company saw operating income increase by 6% year-on-year to MXN17.4bn (US$1.6bn) on the back of a 13% jump in revenues to MXN126.4bn.
The company's three business areas - beer, soft drinks and retail - "contributed positively to this double-digit pace", FEMSA said.
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