AB InBev-owned Grupo Modelo will invest nearly MXN 14 billion ($754 million) to construct a new bottling plant in the Mexican state of Hidalgo, Reuters reports.
The Mexican beer producer, which owns brands such as Corona and Victoria, will build the site in the city of Apan, with production estimated to begin in early 2019.
Construction will start this year and, when complete, the plant will have an initial annual capacity of 12 million hectoliters, which will eventually be doubled.
Forbes reported that that the facility will create at least 1,200 direct jobs, creating the world’s second-largest brewery.
Founded in 1925, Grupo Modelo has 16 brands and a presence in 180 countries. The group merged with AB InBev in 2012.
In 2015 it announced the $182.7 million construction of a new aluminium can production facility in eastern Mexico.
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.