MEXICO: Modelo targets exports with new brewery
Grupo Modelo is ploughing US$520m into a new brewery in the north of Mexico.
The company confirmed the investment yesterday (30 November), adding that it hopes to add 10m hectolitres to its annual production capacity when the brewery goes online in 2010.
The facility will be located in Piedras Negras, in the northern state of Coahuila. Finance for the construction will come from Modelo's own resources, company CEO Carlos Fernandez said.
"The growth we have seen in the national and international markets makes us believe we will need additional capacity by 2010," Fernandez added. "It will guarantee several years of production in terms of exports and national consumption."
Modelo, which is 50%-owned by brewing giant Anheuser-Busch, produces the top US import beer brand, Corona. Earlier this year, the company teamed up with Constellation Brands in the US to import and distribute its portfolio in the US. The joint venture, called Crown Imports, begins operations next month.
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