Mexico City, Mexico, and Toronto, Canada, Jan. 2 - Grupo Modelo, S.A.B de C.V. - Mexico's leading company in the brewing, distribution and sale of beer and Molson Coors Brewing Company and Molson, Canada's preferred brewer, today announced they have established a long-term joint venture known as Modelo Molson Imports L.P., to import, distribute and market the Modelo beer brand portfolio in all Canadian provinces and territories, effective January 1st, 2008.
The joint venture board will consist of 6 directors, half from Grupo Modelo and half from Molson, including Jose Pares, Vice-president International Markets for Grupo Modelo, and Dave Perkins, Molson Coors Chief Strategy Officer. The 50/50 joint venture will be headquartered in Toronto and led by Robert Armstrong, previously CEO for Modelo's office in Canada (Canacermex).
"We are very pleased with having created this joint venture and are certain it presents the Modelo brands with an excellent opportunity for growth in Canada, our second most important export market," stated Rodrigo Testas, Director of North America for Grupo Modelo. "Molson showed great commitment to our brands ever since it first began importing our products into Canada and is the ideal partner for us. The joint venture will build on the existing successful arrangement through which Molson has already been importing, distributing and marketing Modelo brands in Ontario, Quebec and the Atlantic provinces."
Kevin Boyce, the CEO of Molson, stated: "This joint venture gives us an excellent opportunity to expand and further develop our business in Canada. Across the country we will be better able to serve our customers with the Modelo portfolio of brands. It is a great portfolio and we are very excited to be expanding our relationship with Modelo to represent their full portfolio nationwide."
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 imported brand in Canada, 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 has traded on 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 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 also partners with other leading brewers to offer such global brands as Corona, Heineken, Miller Genuine Draft and Foster's Lager. Molson employs 3,000 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 is part of the Molson Coors Brewing Company (TAP).