Mexico City, Mexico, and Toronton, Canada, Nov. 20 - Grupo Modelo, S.A.B de C.V., brewer of Canada's #1 imported beer Corona Extra, Molson Coors Brewing Company and Molson Canada, announced that they have signed a letter of intent to establish a long-term joint venture to import, distribute and market the Modelo beer brand portfolio in all Canadian provinces and territories, effective January 1st, 2008.
The joint venture will build on the existing successful arrangement whereby Molson imports, distributes and markets Modelo brands in Ontario, Quebec and the Atlantic provinces. Under the new arrangements, Molson Sales organization will be responsible for selling the brands country-wide on behalf of the joint venture.
The joint venture is subject to the successful negotiation of legally binding definitive agreements and the obtainment of all necessary approvals and authorizations.
About Grupo Modelo
Grupo Modelo, founded in 1925, is the leader in Mexico in the production, distribution and marketing of beer, with 63.2% of the total (domestic and export) market share, as of December 31, 2006. It has seven brewing plants in the country, with a total annual installed capacity of 60 million hectoliters. Currently, it brews and distributes 13 brands, including Corona Extra, the number one Mexican beer sold in the world, Modelo Especial, Victoria, Pacifico and Negra Modelo. It exports five brands and is present in more than 150 countries. It is the importer of Anheuser-Busch's products in Mexico, including Budweiser, Bud Light and O'Doul's. It also imports the Chinese Tsingtao brand and the Danish beer Carlsberg. Through a strategic alliance with Nestle Waters, it produces and distributes in Mexico bottled water brands Santa Maria and Nestle Pureza Vital, among others. Grupo Modelo trades in the Mexican Stock Exchange since 1994 with the ticker symbol GMODELOC. It also quotes as an ADR under the ticker GPMCY in the OTC markets and in Latibex in Spain as XGMD.
About Molson
With roots dating back to 1786 and a time-honoured tradition of brewing quality beers, Molson Canada is proud to be Canada's preferred brewer. The company proudly offers the most popular brands in Canada with an award-winning brand portfolio which includes Molson Canadian, Coors Light, Molson Export, Molson Dry and Rickard's. Molson Canada also partners with other leading brewers to offer such global brands as Corona, Heineken, Miller Genuine Draft and Foster's Lager. Molson employs 3,500 Canadians, operates six breweries, including the craft brewery Creemore, and invests in communities from coast-to-coast through its various charitable initiatives and sports and entertainment sponsorships. Molson Canada is part of the Molson Coors Brewing Company.