Foreign Investment in Mexico Rose 9.7% in 2011
February 27, 2012 - By: LATH.COM
Mexico received $19.44 billion in foreign direct investment last year, an increase of 9.7 percent over 2010, the economy ministry said Monday.
The United States accounted for 55 percent of the figure and Spain contributed 15 percent, with the remainder coming from the Netherlands, Switzerland, Canada and other countries.
Last year's result brought Mexico’s total FDI for the 2007-2011 period to $113.8 billion, the ministry said. Just over 44 percent of last year’s FDI went into manufacturing, while finance and insurance took 18 percent, 9.5 percent was channeled into the retail sector and 5.7 percent flowed to mass media.
Mexico, Latin America's second-biggest economy, saw its GDP expand by 5.5 percent in 2010 over the previous year, when the country was just beginning to emerge from its worst slump since the 1930s.
IGS Mexico will invest $300 million pesos in five developments
December 27, 2011 - By: MEXICANBUSINESSWEB.COM
IGS Mexico will build in the next six months, housing developments in Puebla, Quintana Roo and South Baja California. IGS Mexico, investment fund manager specializing in real estate, said that following the placement of two development capital certificates in October, by $1.088 billion pesos expects to have already invested at least $300 million in five housing developments in the next six months.
The company will finance three housing complexes in the cities of Puebla, Cancun and La Paz, where already are building social housing for those working in these urban centers.
The fund, along with the development companies are engaged to build, sell and collect the houses, and expects to build 410 houses in Puebla, in a vertical development, 320 in Playa del Carmen and 2,000 in La Paz.
Housing prices will be of approximately $450.000 pesos in Puebla, $400,000 and $600,000 pesos in Playa del Carmen and $238,000 to $400,000 in La Paz, said company executives to media representatives.
Mexican Bottler to Build $140 Million Plant in Brazil
December 07, 2011 - By: LATH.COM
Mexico's Coca-Cola Femsa, the world's largest bottler of Coca-Cola Co. products, said it broke ground on a $140 million plant in Brazil's Minas Gerais state.
The company, a unit of conglomerate Fomento Economico Mexicano, or FEMSA, said in a filing with securities regulators that 800 direct and indirect jobs would be created during the 18-month construction phase.
The 300,000 sq. meter (3.2 million sq. foot) bottling plant will have the capacity to produce 2.1 million liters (nearly 555,000 gallons) annually of soft drinks.
The plant will incorporate “the highest environmental standards” both in construction and operations, Coca-Cola Femsa said.
Coca-Cola Femsa produces and distributes Coca-Cola, Fanta, Sprite, del Valle other Coca-Cola Co. products in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil and Argentina.
Ford investing $128M to shift production to Ohio
December 07, 2011 - By: ARTICLES.BOSTON.COM
Ford Motor Co. said Tuesday its $128 million investment at a northeast Ohio plant will protect its nearly 2,000 jobs while shifting medium-duty truck production from Mexico.
The automaker will retool the Ohio Assembly Plant, located west of Cleveland, after ending production of Econoline vans in 2013, said Jim Tetreault, Ford’s vice president of North American manufacturing.
Truck production will be moved from a joint venture with Navistar International Corp. in General Escobedo, Mexico, near Monterrey.
Gov. John Kasich said the state’s incentive package valued at $15 million will be recouped within a year with higher tax collections.
Accuride Establishes Aluminum Wheel Capacity in Mexico
November 17, 2011 - By: TRUCKINGINFO.COM
Accuride Corporation has completed its initial expansion of aluminum wheel production capacity in Mexico.
The company's expansion, first announced in November 2010, involved the transfer of an existing machining line from its Erie, Pa., plant to its Accuride de Mexico facility in Monterrey, Nuevo Leon to support expanding customer requirements for aluminum wheels in the region.
Accuride's successful launch of new aluminum capacity at our Monterrey facility demonstrates our commitment to produce products our customers need, where they need them," said Rick Dauch, president and chief executive officer of Accuride. This expansion makes our Monterrey facility Accuride's first plant capable of producing both steel and aluminum wheels. In addition to serving Mexico's growing aluminum wheel market, the new capacity in Monterrey positions us closer to our customers expanding footprint in Mexico and the Southeastern United States.
In the investor's sight: Mexico or Brazil?
October 28, 2011 - By: NUWIREINVESTOR.COM
With so much money accumulated on the sidelines of the highly volatile markets in America and Europe, international investors are having a tough time selecting a destination for their next investment.
Amidst an unstable economy with interest rates drastically low, investors who prefer placing funds in America face: a) investing in the U.S. or Canada, with lower risks but also lower yields or b) investing in Brazil or Mexico, which have a higher risk level, but provide a much higher initial return on investment.
At first sight, Brazil might appear to be a better choice. However, after an in-depth analysis of these two prominent Latin-American economies and the collateral key factors that influence their performance and future opportunities, Mexico might be the better choice.
Mexico moves to facilitate food exports to Europe
October 13, 2011 - By: MARKETWATCH.COM
Mexico"s Senate is mulling modified protocols that would facilitate exports of Mexican agricultural products to the European Free Trade Association, or EFTA.
The country's Economy Minister Bruno Ferrari signed the protocols with ambassadors from the group on Tuesday, but the Senate must ratify them before they go into effect. The modifications would apply to trade between Mexico and the four EFTA countries, Norway, Switzerland, Iceland and Liechtenstein.
A rule that allows preferential tariffs to apply only to Mexican agricultural products that come to the countries directly from Mexico would be changed to allow transport through other countries if they remain in customs.
Mexico's exports of tequila, coffee, bananas and other agricultural products are expected to benefit from this change, which would "facilitate trade between this sector and those countries," the ministry said in a press release. Industrial products have been allowed to pass through other countries since May 2009.
Mexico Expands Tax Breaks to Attract Investment
October 13, 2011 - By: LATH.COM
An executive order providing tax incentives to the assembly plants, known as "maquiladoras," operating in Mexico has been extended in an effort to attract more investment and boost job creation.
Mexico needs "more active maquiladora industries and employment creation with the appropriate tax measures," Calderon said during the signing ceremony.
The executive order covers regulatory reform, simplifies the tariff system and eases the paperwork burden via a virtual office that handles filings electronically.
Lego undergoes expansion in Monterrey
October 08, 2011 - By: CHILLICOTHENEWS.COM
Toymaker Lego A/S has installed more than 500 Gravicolor gravimetric mixing and dosing units and 1,500 Metro loaders for its factory in Monterrey, Mexico -- the largest-ever single order for Motan-Colortronic GmbH.
A year ago, Lego of Billund, Denmark, announced plans to invest more than $100 million to expand the Monterrey plant, which injection molds interlocking plastic bricks for the United States, Mexico and Canada. The factory opened in 2009.
After the expansion, Lego's plant in Monterrey will have more than 700 injection molding machines, according to the news release announcing the auxiliary equipment installation.
HanesBrands is moving factory to Mexico
October 08, 2011 - By: CHILLICOTHENEWS.COM
HanesBrands announced Monday evening that it will close its Chillicothe apparel decorating and screen-printing plant in December and move production to a new lower-cost company facility in Mexico.
To maintain competitiveness, HanesBrands is opening a new apparel decorating and screen-print facility in Reynosa, Mexico, that will replace the Chillicothe plant’s production for Gear For Sports, and will supply other HanesBrands retail apparel businesses. The new plant will operate with lower costs and higher efficiency, consistent with HanesBrands supply chain strategy of operating fewer, larger facilities in lower-cost countries.
HanesBrands, one the world's largest producers of basic apparel, acquired Gear For Sports, which sells embellished licensed logo apparel in collegiate bookstore and through other channels, in November 2010.
How Mexico will attract 5 million U.S. retirees
September 08, 2011 - By: MEXCONNECT.COM
Without fanfare, President Felipe Calderon has been quietly working on attracting millions of U.S. retirees to Mexico by proposing the expansion of retirement benefits and medical tourism. It is anticipated this proposal will be brought up when President Calderon meets with President Barack Obama on an official visit May 19th, sources say.
President Calderon, not one to give up easily, already has a Plan B: to raise the same issue later this year, if nothing happens between the two nations on May 19th.
About one million U.S. expats already live in Mexico, and that number can grow to five million by 2025, according to estimates based on U.S. Census figures. (Actually, five million U.S. retires already live abroad, mostly in Mexico, the Dominican Republic and Brazil, with an additional 1.5 million in Europe, and 850,000 in Asia.)
Healthcare costs in Mexico are approximately 70 per cent lower than healthcare costs in the U.S. so, if Calderon's proposal to Obama starts with an agreement allowing Medicare benefits to U.S. retirees living in Mexico, instead of Medicare only covering healthcare services in the U.S., the savings would be enormous to the U.S. and also bring needed dollars to the Mexican medical profession.
Mexico beats Peru to become largest silver producer
August 31, 2011 - By: BIZJOURNALS.COM
Silver production in Mexico outpaced that of Peru for the first time in five years, making it the largest producer of the precious metal in the world.
During the first half of the year, Mexico produced 1.88 million metric tons.
Mexico beats Peru to become largest silver producer
August 31, 2011 - By: BIZJOURNALS.COM
Silver production in Mexico outpaced that of Peru for the first time in five years, making it the largest producer of the precious metal in the world.
During the first half of the year, Mexico produced 1.88 million metric tons.
Johnson Controls To Invest $70M To Upgrade Mexican Facility
August 30, 2011 - By: WALLSTREETJOURNALS
Johnson Controls Inc. (JCI) plans to invest more than $70 million to upgrade a Mexican automotive battery recycling center as part of its effort to increase recycling capacity in North America.
The investment will fund the replacement of the facility's existing rotary furnaces with larger, more efficient rotary furnaces, as well as the addition of environmental control technologies.
"Our continuing upgrades ensure this facility will be among the most environmentally advanced battery recycling operations in the world, reinforcing our commitment to both U.S. and Mexican air emission standards," said Allen Martin, vice president and general manager of Americas for Johnson Controls Power Solutions.
Johnson Controls, the world's biggest producer of automobile batteries, last month reported its fiscal third-quarter profit slipped 15% amid higher expenses, though the company posted double-digit growth in its top line due to strong sales across its business segments.
FedEx Freight expands service in Mexico
August 30, 2011 - By: FORBES.COM
FedEx Corp's freight division is broadening its reach into Mexico, adding three more markets
FedEx said Tuesday that it will have new service centers in Toluca, Puebla and Veracruz that will cut transit times for customers shipping in Mexico's southeast region by 50 percent, on average.
Shippers also have the option of extended pick-up times at these locations and Villahermosa.
FedEx Freight said the service centers started operating on Aug. 1. The unit provides its services in Mexico through its alliance with Auto Lineas America.
Myriad expands into India, Mexico and Dubai
August 23, 2011 - By: MOBILE_ENT.BIZ
Footprint grows for firm that has its software on more than 2.2 billion phones. Myriad already has offices in Switzerland, UK, France, China, Japan, South Korea, Taiwan, Australia and the US.
The new expansion should help Myriad to build on the progress its making in developing markets such as Latin America, where it recently sealed a five-year exclusive partnership with Telefonica.
Mexico has manufacturing costs 25 percent lower than the U.S., is producing more engineers than other countries and is signing free trade pacts with nations like Colombia, Ferrari said.
" Our new offices will not only enable us to meet and capitalize on growing demand, it will also allow us to better serve our customers in these rapidly growing markets," said Simon Wilkinson, CEO of Myriad Group.
Foreign Tourist Arrivals in Mexico Rise 3.3%
August 16, 2011 - By: LAHT.COM
The number of foreign tourists visiting Mexico reached 11.4 million in the first half of 2011, a 3.3 percent rise compared with the same period a year ago, the federal tourism ministry reported.
Between January and June, cross-border tourism in northern Mexico grew by 11.4 percent compared to the same period in 2010, the ministry said in a communique.
The average expenditure made by foreign travelers arriving by plane was $161.70 per day, 5.2 percent more than in 2010 and a good bit higher than the $90.90 that visiting cruise ship passengers spent, though spending by the latter group was also up 5 percent over last year.
"In like manner, border tourists (spent) $260 million in the first half of the year, which represents an increase of 2.4 percent compared with the same period in 2010," the ministry went on to say.
In addition, the average spending by border-crossing tourists was $36.80 per day, a rise of 7.4 percent over the first half of 2010.
Honda Plans Mexico Plant
August 12, 2011 - By: WALLSTREETJOURNALS
Honda Motor Co. will build an $800 million plant in Mexico to make subcompact cars for the North American market, the company said Friday.
The new plant, near Celaya, Guanajuato, is scheduled to open in 2014 and employ 3,200 workers. It will be capable of building 200,000 vehicles a year.
Honda didn't name the vehicle that would be built in Mexico, but the only subcompact the company sells in the U.S. and Canada is the Fit, which is now built in Japan. Honda executives have said they are seeking to move some production out of Japan because the strength of the yen makes it difficult to make money on exports.
The plant will be the eighth Honda auto plant in North America and will increase Honda's production capacity in North America to 1.83 million from 1.63 million.
Steel Technologies expanding $75M facility in Mexico
August 12, 2011 - By: BIZJOURNALS.COM
Steel Technologies LLC has received approval from regulators in Mexico to establish an industrial facility on a greenfield site in Monterrey for a flat-rolled steel processing and pickling operation.
The Louisville-based company will invest $75 million to open a 300,000-square-foot facility that is expected to open by the end of next year. Construction is expected to begin immediately, according to a news release.
It will have annual processing capacity of more than 800,000 tons and will expand the company’s capacity in North America. Steel Technologies has 25 locations, including three joint ventures, in North America.
Delta Invests $65 Million in Mexico's Leading Airline
August 11, 2011 - By: LAHT.COM
Delta Air Lines will acquire a 3.5 percent equity stake in No. 1 Mexican air carrier Aeromexico for $65 million as part of a long-term enhanced commercial alliance, the two airlines said Wednesday.
Delta CEO Richard Anderson and the chairman of Aeromexico’s board of directors, Jose Luis Barraza, said the two companies signed a memorandum of understanding that solidifies the partnership they have maintained since the mid-1990s as members of the SkyTeam global airline alliance.
The agreement "represents a significant increase in the number of airlines that will have the opportunity to offer transportation service between the two countries, moving from a system of double to multiple designation," the secretariat said.
The deepened ties include codesharing for "all Delta and Aeromexico flights between the U.S. and Mexico, as well as flights within the carriers’ domestic networks and to other key international destinations," the airlines said in a press release.
"Aeromexico has been a strong partner for Delta in Mexico and Latin America, and this reinforces our relationship," Anderson said.
" By forming an exclusive long-term commercial partnership, we will leverage the strengths of our two networks to provide expanded customer benefits and build the foundation for a joint venture to better serve the U.S. and Mexico marketplace
Mexico and Canada Agree to Expand Airline Routes
August 11, 2011 - By: LAHT.COM
Mexico and Canada signed an air transportation agreement that allows any airline to offer commercial routes linking the two countries, the Communications and Transportation Secretariat said.
Carriers will now have the freedom to determine "the frequency of flights and the type and size of planes used to offer air transport service," the secretariat said in a statement.
The agreement "represents a significant increase in the number of airlines that will have the opportunity to offer transportation service between the two countries, moving from a system of double to multiple designation," the secretariat said.
The agreement removes restrictions on the number of airlines that can fly a route, the number of flights a carrier can offer and the type and size of aircraft allowed. The air transportation agreement will help improve "the operation and development of air services between Mexico and Canada," the secretariat said. EFE
Watsco and Carrier Execute Agreement to Expand Joint Venture into Mexico
July 26, 2011 - By: CENTRALDAILY
Watsco, Inc. today announced that a definitive agreement has been executed to add Carrier Corporation's HVAC distribution operations in Mexico to their existing joint venture. The transaction is expected to close on July 29, 2011.
Carrier's company-operated Mexico distribution network began operations in 1947 and had revenues of $80 million during the most recent twelve months ended June 2011, operating from six locations and has 90 employees servicing its customer base. The company will market Carrier's complete product line from duct free split systems through the applied commercial systems. The Mexican market has an estimated $2.0 billion market potential for HVAC equipment and commercial refrigeration products and supplies.
Albert Nahmad, Watsco"s Chairman and Chief Executive Officer stated, "We are most pleased to expand our joint venture with Carrier to this most important market in North America. With a population of over 112 million and the 11th largest economy in the world, the addition of Mexico represents a substantial and important growth opportunity for us. The strong brand equity of Carrier in Mexico and the seasoned leadership team already in place, coupled with our commitment to increase the market footprint and add additional non-equipment products will expand the market share and lead to substantial growth."
Mexico's FEMSA 2nd-quarter sales jump
July 25, 2011 - By: MEXBIZNEWS
Mexican beverage and retail company FEMSA reported on Friday a jump in quarterly sales, helped by the expansion of its Oxxo convenience store chain.
Its quarterly profit slipped compared with the year-ago period, when it sold its beer division to Heineken (HEIN.AS), falling to to 2.747 billion pesos ($235 million) from 29.374 billion pesos in the year-earlier period.
Sales at its Oxxo stores open more than a year rose 10.7 percent from the year earlier, helping total revenue climb 16 percent to 48.39 billion pesos. FEMSA ended the second quarter with 8,963 stores. FEMSA shares rose 0.4 percent to 78.45 pesos in local trading.
VW begins production of 2012 "lifestyle" Beetle at Puebla plant
July 19, 2011 - By: MEXBIZNEWS
Volkswagen began production of the new-generation Beetle at its sprawling plant in Puebla on Friday, with officials predicting that the redesigned model will conquer new markets as a "lifestyle" vehicle.
VW officials said the company invested $400 million in the Puebla assembly line that is expected to produce 100,000 units of "the 21st Century Beetle" next year.
The more muscular Beetle, with a more powerful standard engine and a turbocharged version, will be sold as a 2012 model, and Volkswagen has already taken pre-orders online. The Beetle will be sent all over the world, including to major markets like the U.S. and China, company officials said.
The Puebla plant's total capacity is 500,000 units a year, and it produces, among other vehicles, the new Jetta model that has been well-received in the U.S., where VW is aggressively moving to increase its overall market share.
Unilever opens $100 mn plant in Mexico
July 06, 2011 - By: FOXNEWLATINO
Anglo-Dutch consumer products giant Unilever opened a $100 million state-of-the-art deodorant plant in the central Mexican state of Morelos that incorporates solar energy and will supply the domestic, U.S., Canadian, Central American, Caribbean and Colombian markets.
The plant, located in the CIVAC industrial park in the city of Jiutepec, is Unilever's fourth aerosol plant in the world and will employ 250 people on five production lines, each capable of making 500 aerosol deodorants per minute.
The first phase of the project calls for the operation of two production lines, manufacturing 240 million Axe-, Rexona- and Dove-brand deodorant and anti-perspirant units annually, Unilever Mexico president Fabio Prado said.
Unilever plans to achieve total production of 600 million units annually, with 50 percent of output bound for the Mexican market and the rest for export to the United States, Canada, Central America, the Caribbean and Colombia.
The Unilever plant will double "the production of aerosol deodorants in Mexico" and create 1,000 indirect jobs, Calderon said. Unilever has five plants and employs 4,300 people in Mexico.
Acajutla-Chiapas shipping route to dramatically increase trade - AAPA
July 1, 2011 - By: REUTERS
The new shipping route between El Salvador's Acajutla port and Chiapas port in Mexico will dramatically increase trade between the south of Mexico and Central America, the American Association of Port Authorities' (AAPA) director for Latin America, Rafael Diaz-Balart, told BNamericas.
An agreement signed by the two ports last week establishes a route for both commercial trade and cruise ships.
The deal aims to "increase short-sea shipping, increase trade between the southern part of Mexico and Central America and create a regional trade hub," said Diaz-Balart.
Cargo is currently being shipped between the ports, including 40 containers a week shipped to Mexico from a Jumex juice plant in El Salvador. However, the formal agreement seeks to dramatically increase sea trade, rather than relying on overland transportation.
The port of Chiapas has grown its cruise business in the last few years from zero to 24 ships annually, said Diaz-Balart. The Mexican port has agreed to share experience with El Salvador to help boost its cruise business.Chiapas port moved 3,590 TEUs in 2010.
Coca-Cola FEMSA agrees merger in $790 million deal
June 29, 2011 - By: REUTERS
Coca-Cola FEMSA, the world's top Coke bottler said on Tuesday it had agreed to a merger with a family-owned Mexican bottler in a deal worth 9.3 billion pesos ($790 million)
Some six months after two of Coca-Cola FEMSA's local rivals announced a merger to create powerful competition, the bottler said it was absorbing the beverage division of conglomerate Grupo Tampico, which has four bottling plants.
Coca-Cola FEMSA, sitting on $1.1 billion in money saved after generating strong cash flow for several years, had been tipped to spend some of its savings this year, although few analysts had pinpointed Grupo Tampico as a target.
"As a result of this merger, Grupo Tampico will receive 63.5 million new series L KOF shares worth 103.20 each, "Coca-Cola FEMSA said in a statement, referring to its abbreviation as KOF. Coca-Cola FEMSA will take on around 2.8 billion pesos in net debt in the transaction, while two of Grupo Tampico directors will take an alternating seat on Coca-Cola FEMSA's board, the company said.
Plant shows how far American Axle has come in Mexico
June 28, 2011 - By: CRAINSDETROIT
The advanced manufacturing complex of American Axle & Manufacturing Holdings Inc. here illustrates how far the auto industry in Mexico has come in the past decade.
The plant opened in 1998 with just 12 employees. Last year, with 2,700 hourly employees, it accounted for 28 percent of American Axle's global revenues of $2.3 billion.
In 2009 the plant won the prestigious Shingo Prize for manufacturing excellence, efficiency and working conditions. The prize, awarded by Utah State University's business school, is named for the late Shigeo Shingo, co-creator of the Toyota Production System.
The Silao complex is "a benchmark facility for the Mexican automotive industry," says Federico Flores, a Mexican national and director of American Axle's manufacturing systems at world headquarters in Detroit.
Mexico's BBVA Bancomer to invest $2 bln over 3 yrs
June 22, 2011 - By: REUTERS
BBVA Bancomer, Mexico's largest bank, will invest $2 billion to expand services and add branches over the next three years to reach more families and businesses, Chief Executive Ignacio Deschamps said on Tuesday.
Deschamps was speaking at a conference organized by the bank. As many as half of Mexico's 112 million residents have no bank account, according to some estimates.
BBVA Bancomer will use the investment to develop its technology, expand its branches and cash machines and promote mobile banking, the company said in a statement. The bank, a unit of Spain"s BBVA (BBVA.MC), also said it planned to finish building its new headquarters in Mexico.
Bodycote to open Mexican operation
June 21, 2011 - By: MENMEDIA.CO.UK
Heat treatment specialist Bodycote unveiled plans at the Paris Air Show to open a new facility in Mexico. Macclesfield-based Bodycote said it would begin operations from the site in the third quarter of this year.
The facility, on an industrial park in Empalme in north west Mexico, will provide processing support to major aerospace and power generation suppliers in the region, including ones serving companies such as Rolls-Royce, Honeywell and Siemens.
The new operation follows an agreement with Trac Precision, a key supplier to Rolls-Royce and Siemens. Bodycote will support Trac's Mexico operations as well as other aviation manufacturers, enabling them to complete processing without having to transport parts back to the US. It said this capability would reduce firms' labour and logistical costs and improve turnaround times.
Bearing Acquires Exploration Properties in Durango, Mexico
June 21, 2011 - By: QUOTE.COM CANADA
Bearing Resources Ltd. is pleased to announce that the Company has optioned the Parrandera gold-copper-zinc prospects through agreemEnts with local Mexican vendors. The Company has also made application and surveyed two additional claims in its own name that are contiguous with the Parrandera properties. The Parrandera project is located in the Mapimi region of eastern Durango, Mexico.
Dave Tupper, Vice President Exploration, commented, "Bearing has maintained its strong team of geologists in Mexico under the leadership of Francisco Armenta. Francisco was responsible for the identification of the Cordero silver-gold-lead-zinc discovery and has over 44 years of exploration experience in Mexico. The Mexican team is focused on generative exploration for early stage targets."
The Parrandera options include a contiguous 49 hectare claim group and a roughly 250 hectare claim group.
NH company moving jobs to Texas and Mexico
June 16, 2011 - By: BOSTON.COM
A New Hampshire company that makes parts for industrial cutting torches is moving the bulk of its manufacturing operations to facilities in Texas and Mexico that are owned by its parent company.
Thermal Dynamics of West Lebanon, was founded in Wilder, Vt., in the 1950s, announced this week that it plans to cut about 100 jobs from its West Lebanon facility.
The Valley News says the CEO of Thermal Dynamics parent company, Thermadyne, Martin Quinn said consolidating manufacturing in Texas and Mexico would help the company better serve its customers.
Mazda to announce new Mexico car plant Friday
June 16, 2011 - By: REUTERS
Mazda Motor Corp is set to announce on Friday plans for a new factory in the central Mexican state of Guanajuato, a source familiar with the matter said.
The factory will be the fourth overseas assembly site for the Japanese automaker after the United States, China and Thailand -- all joint ventures with former top shareholder, Ford Motor Co
Construction of the new plant in Mexico is set to begin this fall, with vehicle production to start in the second half of 2013, the source said on condition of anonymity because the information is not yet public.
Abengoa wins contract for La Paz power plant
June 16, 2011 - By: MEXBIZNEWS
The Spanish company Abengoa won a contract to build a power plant in the state of Baja California Sur.
The plant, to be located 14 kilometers from La Paz, will generate 42.7 megawatts and will cost $91 million.
Platinum Tool opens new plant in Ramos Arizpe
June 15, 2011 - By: MEXBIZNEWS
Canadian mining company Goldcorp plans to invest $400 million in its three Mexican mines this year to increase mine production by 25 percent.
The new plant will create 40 jobs and make parts for the automotive industry.
Goldcorp to invest $400 million its Mexican mines
June 14, 2011 - By: MEXBIZNEWS
Canadian mining company Goldcorp plans to invest $400 million in its three Mexican mines this year to increase mine production by 25 percent.
He said Japanese companies had been looking into the possibility of investing in Mexico even before the March earthquake and tsunami disrupted global supply chains.
Mexico expects to announce $1.5 billion in new auto investments in the next month
June 14, 2011 - By: MEXBIZNEWS
Mexico is set to announce $1.5 billion of foreign investments in its automotive sector in the next month, with about half of it coming from Japan, Economy Minister Bruno Ferrari said Monday.
He said Japanese companies had been looking into the possibility of investing in Mexico even before the March earthquake and tsunami disrupted global supply chains.
"I was actually concerned that this was going to slow down those investments. But on the contrary, they are speeding up their investments," Ferrari said in an interview on the sidelines of a business forum in Ottawa.
"In the next month, we will have announcement of probably in the neighborhood of US$1.5 billion." The sum from Japan "probably will be half" of the total, he added.
He declined to name the companies, saying it would affect their share prices. Ferrari said he's mentioning the investments "just to show you that always when you have a crisis, you also get opportunities." He said the investors are building new automotive facilities in Mexico.
|S. Korean steel maker announces expansion in Mexico
June 08 , 2011 - By: FOCUS NEWS AGENCY
The South Korean steel maker Pohang Iron and Steel Company (POSCO) Tuesday announced an expansion of its Mexican operations, Xinhua informed.
POSCO Mexico President Min Dong Kim said 300 million U.S. dollars would be invested to begin a second phase at its galvanized steel plant in Altamira, located in Mexico's northern state of Tamaulipas bordering the United States.
Construction is expected to begin in November and is scheduled to be completed by June 2013, Kim said, adding that the plant would produce 500,000 tons of galvanized steel annually, mainly for Mexico's rapidly expanding automotive industry.
The new plant will create 300 new jobs in Altamira, where POSCO started its first overseas automobile steel manufacturing factory in 2009, Kim said.
Mexico's Meeting and Conventions Industry Growing as Tourism Surges
June 08 , 2011 - By: PRNEWSWIRE.COM
Mexico's Meeting, Incentives, Congress, and Exhibitions business continues to grow, and has been ranked 22nd worldwide in the latest rankings by the International Congress and Convention Association (ICCA). Mexico moved up five (5) places in the 2010 rankings from its 2009 ranking of 27th, in the number of events with a nearly 31 percent increase in meetings held in Mexico.
This comes to no surprise, as visitor arrivals to Mexico have been on the rise. Most recently, the Secretariat of Tourism (SECTUR) announced that in 2010 Mexico was the main destination for tourists from the United States by capturing 14.7 percent of overseas US tourism. This represents the highest number of U.S. travelers to Mexico since 2005, according to the U.S. Department of Commerce.
The conventions and meetings industry and tourism growth may be in part due to increased levels of investment in tourism projects. During the first trimester of 2011, more than US $900 million were spent on tourism projects in Mexico, according to the Secretary of Tourism. The investments represent a 127 percent increase from 2010. The Secretary of Tourism, has stated that "the resources were primarily allocated to projects relating to the areas of accommodations, real estate tourism, and the food and beverage industry."
Siemens to build 250 MW CCGT in Mexico
February 25 , 2011 - By: POWER-GEN WORLDWIDE
Siemens has been awarded a contract for the turnkey construction of a 250 MW combined-cycle power plant in Mexico. The customer is Minera Mexico, a subsidiary of Grupo Mexico, the country’s largest mining company and one of the world’s largest copper producers. The plant is scheduled to achieve commercial operation in the summer of 2013, at which point it will be able to supply electricity to the company’s copper mines.
Siemens will build the La Caridad combined cycle power plant with an installed capacity of 250 MW, which will be located in Sonora State, Mexico. Siemens will be responsible for the full turnkey supply of the plant, which includes engineering, procurement and construction of the plant.
Mexico’s Auto Production, Exports Remain Strong In January
February 09 , 2011 - By: WALL STREET JOURNAL
Mexico’s auto industry continued to grow at a brisk pace in January, with production of cars and light trucks rising by 21% to 199,310 units, compared with the year-earlier month, the Mexican Automobile Industry Association said Wednesday.
Exports continued to fuel the majority of that expansion, increasing by 45% last month to 165,046 autos, as compared with January 2010, the association known as AMIA said.
American consumers were the top buyers of Mexican-made light vehicles, as overall market-share in the month grew compared to the 11% registered in full-year 2010.
"Vehicles made in Mexico and exported to the U.S. represent 14.2% of all sales of light vehicles in the first month of 2011," AMIA said in a report.
Siemens opens new manufacturing plant in Mexico
February 03 , 2011 - By: TRADINGMARKETS.COM
German industrial giant Siemens is opening a $50 million plant in Mexico that will manufacture and assemble efficient high-voltage equipment, executives said.
The company’s global supervisory board held a meeting in Mexico and high-level executives attended a gala dinner on Tuesday hosted by Mexican President Felipe Calderon.
The company’s executives announced the opening Wednesday of the new plant in the central state of Queretaro. The new Siemens plant will employ 600 highly skilled Mexican engineers, Calderon said.
VW to build $550 mn engine plant in Mexico
January 31 , 2010 - By: FOXNEWS.COM
The Mexican subsidiary of German automaker Volkswagen plans to invest $550 million in construction of an engine plant in the central city of Silao.
The project will generate 700 new direct jobs in the medium term and promises to bolster the economy of the surrounding state of Guanajuato, Volkswagen de Mexico said in a statement. Guanajuato Gov. Juan Manuel Oliva joined VW executives Thursday at the ceremonial laying of the cornerstone of the new facility in Silao.
"This engine plant writes a new chapter in Volkswagen' s success story in Mexico spanning more than 50 years," Hubert Waltl, VW' s global production chief, said at the ceremony. The factory is supposed to start production in 2013, turning out 330,000 latest-generation engines a year for vehicles assembled at VW plants in Puebla, Mexico, and Chattanooga, Tennessee. Also present Thursday was Volkswagen de Mexico's chairman, Otto Lindner, who touted the subsidiary's 2010 output of 435,000 vehicles.
GM to invest $540 mn in engine plant in Mexico
January 21, 2011 - By: ECONOMICTIMES
The Mexican subsidiary of US automaker General Motors said on Thursday that it planned to invest $540 million to manufacture two types of low-emission engines at its plant in Toluca.
The project will create 500 direct and 500 indirect jobs , and it will allow the plant to produce engines featuring new technologies that consume less fuel and operate more efficiently, the automaker said in a statement.
Toluca is located about 50 km west of Mexico City. "This announcement is another important step for our customers and the entire GM team in Mexico," GM de Mexico president and managing director Grace Lieblein said. GM has operated in Mexico for 75 years and employs about 11,500 people at its corporate offices in Mexico City and plants in Toluca, Silao, Ramos Arizpe, Cupuan and San Luis Potosi.
Greiner Packaging conquering Mexico
December 15, 2010 - By: PETNOLOGY.COM
The Austrian packaging producer Greiner Packaging International continues to push on with its policy of internationalisation and opens a new facility in Mexico. Willi Eibner, CEO of Greiner Packaging International, is pleased to say, "The new facility of our division Greiner Assistec in Monterrey gives us interesting opportunities on the markets in Northern and Latin America."
On 01 December 2010, the new company Greiner Assistec S.A. de C.V. commenced full operation. The city of Apodaca with about 400,000 inhabitants a municipality within Monterrey in the state of Nuevo Leon (northeastern Mexico) was chosen as the location.
The first company location outside Europe plays another important role for Greiner Packaging’s deliberations. Eibner points out: "We regard the Monterrey area as platform for other divisions, too. A European management and top motivated and qualified employees from our management pool will ensure that we will be able to apply our recipe for success on the markets in Northern and Latin America as well."
Eibner names clear target values, "In five years from now, our annual sales in Mexico should amount to more than ten million euros."
TI Automotive opens Mexico fuel tank plant
December 09 , 2010 - By: BIZJOURNALS.COM
TI Automotive inaugurated its brand-new fuel tank systems production facility in San Luis Potosi, Mexico, today, where it will produce low-emission, plastic fuel tanks, pumps and modules for the Nissan Micra, Note and Versa vehicles. It is the company's sixth manufacturing location and first fuel tank production facility in Mexico.
Currently, the San Luis Potosi facility has 20 employees and one assembly line, but it has capacity for three lines and 200 employees at full production. Full-scale production on the first program is expected by May 2011. TI Automotive has planned for future zero-emissions fuel tank production, as well.
Fuel modules being produced at San Luis Potosi contain the most advanced fuel pump and level sensor technology available. The modules feature TI Automotive's award-winning, high-performance DCSS fuel pump, along with its new sealed level sensor, both of which are flex-fuel compatible.