Bottling firm to invest $1.1 bn in Colombia, Brazil

  • ajay
  • 2 Years ago
  • 0  Comments
  • 302  Views
  • (0)
  • story
Bottling firm to invest $1.1 bn in Colombia, Brazil

Mexico City, March 1 (IANS/EFE) Fomento Economico Mexicano, or FEMSA, Latin America's largest bottling company, said it planned to invest $1.1 billion this year in new projects, including new plants in Colombia and Brazil.

Some $710 million will go toward maintenance and expansion at Coca-Cola Femsa, as well as the construction of the two new plants in South America, CFO Javier Astaburuaga said.

The company plans to invest $350 million in the Oxxo convenience store chain to continue meeting the target of three new store openings per day, Astaburuaga said.

FEMSA expects to generate $600 million in excess cash this year that could be used for acquisitions at either of its two business units, the CFO said.

The company reported net consolidated profits of 20.68 billion pesos (about $1.6 billion) in 2011, down 54.3 percent from the 45.29 billion pesos (some $3.51 billion) in profits posted in 2010.

Revenues rose 19.6 percent to 203.04 billion pesos ($15.75 billion), FEMSA said in a filing with securities regulators.

Gross profits soared 19.8 percent to 85.03 billion pesos (about $6.59 billion), the company said.

Earnings before interest, taxes, depreciation and amortization surged 19.5 percent to 33.95 billion pesos ($2.63 billion), FEMSA said.

Capital expenditures (Capex) totaled 12.51 billion pesos (about $970 million), or 12 percent above the 2010 level, the company said.

The year "2011 was a strong year for our company. Despite a volatile economic environment", FEMSA chairman and CEO Jose Antonio Fernandez said.

"Demand for our products remained healthy, and we stayed the course and managed to convert that demand into robust financial results by focusing our time, efforts and resources on the extraordinary opportunities for Coca-Cola FEMSA and OXXO," the CEO 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.

The company also sells bottled water, juices, tea, sports drinks, beer and other products.

"And so we look at 2012 with optimism and renewed energy, ready to keep moving our company forward by pursuing and overcoming new challenges," Fernandez said.

Coca-Cola Femsa has 34 bottling plants across Latin America and provides its products to 1.6 million retailers in the region.

--IANS/EFE

rd

(For updates you can share with your friends, follow Taaza News on Facebook, Twitter and Google+)

Source  news.taaza.com
Tags       brazil

Related News

Bengal to give licences for distilleries, bottling plants

Bengal to give licences for distilleries, bottling plants Bengal to give licences for distilleries, bottling plants

news.taaza.com: (8 Months ago)

Kolkata, Aug 27 (IANS) As part of its efforts at creating more jobs, the West Bengal government has decided to sanction licenses for setting up new distilleries and bottling plants, a minister said T... Read more

Submitted by: pawan

New Coca Cola bottling plant opened in UP

New Coca Cola bottling plant opened in UP New Coca Cola bottling plant opened in UP

news.taaza.com: (6 Months ago)

Chatta (Uttar Pradesh), Oct 24 (IANS) Coca Cola Company opened a new, state-of-the-art bottling facility at Chatta in Mathura district Thursday, commemorating 20 years of operations in India. The gr... Read more

Submitted by: superpreet

Flipkart Was Valued at $1.6 bn in July When Naspers Invested

Flipkart Was Valued at $1.6 bn in July When Naspers Invested Flipkart Was Valued at $1.6 bn in July When Naspers Invested

pluggd.in: (5 Months ago)

Naspers paid $140 mn for 8.6% in Flipkart in July. At the time of investment, Flipkart would have been valued at $1.6 bn.The post Flipkart Was Valued at $1.6 bn in July When Naspers Invested appeared ... Read more

Submitted by: psingh

Colombian firm unveils $9.5 bn investment plan

Colombian firm unveils $9.5 bn investment plan Colombian firm unveils $9.5 bn investment plan

news.taaza.com: (1 Year ago)

Bogota, Dec 17 (IANS/EFE) Colombian state oil company Ecopetrol has announced plans to invest more than $9.5 billion in 2013 as it strives to boost output to 1 million barrels per day by 2015. A tot... Read more

Submitted by: Kprasad

World Cup to generate $27.7 bn in Brazil

World Cup to generate $27.7 bn in Brazil World Cup to generate $27.7 bn in Brazil

news.taaza.com: (17 Days ago)

Sao Paulo, April 8 (IANS/EFE) The Brazilian government forecasts that the 2014 soccer World Cup will generate around 62.1 billion reais (or $27.7 billion) in revenues, three times what was injected i... Read more

Submitted by: davidR

Audi to invest $30 bn in next five years

Audi to invest $30 bn in next five years Audi to invest $30 bn in next five years

news.taaza.com: (4 Months ago)

Berlin, Dec 27 (IANS) German carmaker Audi announced Friday that it would invest an additional 22 billion euros (about $30 billion) in next five years for new models and technologies and increase emp... Read more

Submitted by: psingh

BlackBerry Scraps Sale Plans & Raises $1Bn; John Chen Is New Interim CEO

BlackBerry Scraps Sale Plans & Raises $1Bn; John Chen Is New Interim CEO BlackBerry Scraps Sale Plans & Raises $1Bn; John Chen Is New...

medianama.com: (6 Months ago)

After concluding a review of all strategic alternatives to its $4.7 billion buyout offer, beleaguered Canadian handset maker BlackBerry has scrapped its plans to sell the company and raised $1 billi... Read more

Submitted by: renu

Exclusive: Indias $1 bn Innovation Fund Nears First Close [Investment Thesis & Details]

Exclusive: Indias $1 bn Innovation Fund Nears First Close [Investment Thesis & Details] Exclusive: Indias $1 bn Innovation Fund Nears First Close [I...

pluggd.in: (9 Months ago)

The Rs 5,500 cr (~ $1 bn) India Inclusive Innovation fund which was proposed by the National Innovation Council is waiting cabinet approval to apply for approval from the Securities and Exchanges Bure... Read more

Submitted by: soumya



Taaza News Subcategories

 

Subscribe to the Latest headlines

 News  Lifestyle  Technology
 Sports  Entertainment

Frequency: