Grupo Modelo intends to invest US$80 million in building a new malt-making factory in Idaho, US, a spokesman for the Mexican brewer told the Latin American press on May 12. The facility, which has a capacity of 100,000 tonnes will reduce the amount of raw materials the company has had to import into the US for production, the spokesman said.

Late last month, Modelo reported a 6.6% increase in net profit for the quarter, ahead of market expectations. Net profit for the company reached 1.110 billion pesos (US$100m), up from 1.041 billion pesos a year earlier. The brewer operates seven plants in Mexico and exports five beer brands to around 150 countries.

14 May, 2004