Reuters – Mexican glass manufacturer Vitro said it had agreed to purchase the flat glass unit of U.S. company PPG for around $750 million, giving it a foothold in the U.S. and Canadian markets.
Reuters – Mexican conglomerate Alfa posted a 70.9 percent drop in profits in the second quarter, dragged down by a depreciation in the peso currency, the company said.
Sentido Comun – Femsa, the Mexican company manager of Oxxo convenience stores, presented a new image of its brand Oxxo Gas with which the company begins operating gas stations in 14 states Mexico.
Sentido Comun – Grupo Aeroportuario del Pacífico, or GAP, said the number of passengers transited through its facilities rose 17.3 percent in June compared with the same month last year.
Sentido Comun – AeroMexico said it carried 6.1 percent more passengers last month than in June 2015, its best advance in the last six months, but lower for a sixth month of the last two years.
Korea Times – Kia Motors, South Korea’s second-largest carmaker, said that sales of its vehicles more than tripled in Mexico in May from nearly a year ago. Kia said it sold 4,610 units in Mexico in May, compared with 1,499 units in July last year when the carmaker began to sell its vehicles there.
Sentido Comun – Camlin Fine Sciences (CFS), an Indian chemical company focused on antioxidants, has acquired a majority interest in the Mexican company, Dresen Química, with which it seeks to boost its expansion into the Central American and Andean markets.
Sentido Comun – InterContinental Hotels Group, or IHG, a British hotel company, forged an agreement with the Mexican company Alkoer to develop two Staybridge Suites hotels in Silao and Irapuato, Guanajuato.
Sentido Comun – LMI Aerospace, a US supplier of components and engineering services for the aerospace industry, will transfer its production line of sheet metal to its plant in Mexicali, after the closure of the manufacture of these products in their plant in Wichita, Kansas.
Reuters – Mexico’s ICA said it expects to delist from the New York Stock Exchange (NYSE) after July 17, as the cash-strapped construction firm’s share price has tumbled on debt woes.
Reuters – Carlos Slim’s construction arm has teamed up with three local builders to bid for two runways for Mexico City’s new airport worth a combined $1.56 billion, sources say.
Payments – Western Union has just expanded its presence in Mexico by enabling customers in the U.S. to send money directly into roughly all Mexico bank accounts.
Canadian Press – Bombardier Aerospace and its union have agreed on a plan for cutting 200 positions at the company’s Q400 manufacturing operation in Toronto so some work can be outsourced to other countries, including Mexico.
Reuters – U.S. private equity fund KKR and Mexico’s Pemex are wrapping up details on a $1.2 billion sale and leaseback agreement, according to sources familiar with the operation, as the distressed state-owned oil company scrambles for extra cash.
Reuters – A Mexico City government fund aimed at collecting 1.5 percent of revenue from car-hailing services such as Uber has still not been created, nearly a year after the metropolis became the first Latin American city to regulate rideshare apps.
Mexico’s retail market is getting a jolt as Chile-based retail giant SACI Falabella reaches northward to grab a piece of an expanding consumer market. South America’s largest department store chain, which sells everything from power tools to women’s clothes and treadmills, is making headway in Mexico as consumption drives a better-than-expected expansion in the country.
EcoWatch – TransCanada, owner of the proposed Keystone XL pipeline currently being contested in federal court and in front of a North American Free Trade Agreement (NAFTA) legal panel, has won a $2.1 billion joint venture bid with Sempra Energy for a pipeline to shuttle gas obtained from fracking in Texas’ Eagle Ford Shale basin across the Gulf of Mexico and into Mexico.
Business Journal – Mexico’s state-owned power company selected a subsidiary of Houston-based Spectra Energy Corp. and a joint venture led by TransCanada Corp. to build two pipeline projects that will transport natural gas to Mexico.
AP – Mexico’s ubiquitous Pemex gas stations now have competition for the first time in nearly eight decades. Two companies have collectively opened three gas stations under their own brands, breaking one of the state-owned petroleum company’s last monopolies.
The Guardian – The British security firm Serco successfully lobbied public officials in a small Texas county near the Mexico border to propose that the federal government open a family detention centre in the jurisdiction. The billion-dollar company, implicated in numerous immigration detention centre scandals in the UK and Australia.