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- Ports: SSA Mexico, subsidiary of U.S. rail and marine terminal operator Grupo Carrix, reported plans to invest US$30 million to upgrade operations at the Pacific coast ports of Manzanillo and Lázaro Cárdenas. Resources will support acquisition of specialized equipment including two Super Post Panamax cranes and six RTG shipyard cranes. (Reforma, December 30, 2021)
- Financial services: Spain-based Banco Santander announced plans to invest US$520 million to expand Mexico operations in 2022. The company reported US$500 million in technology investments in Mexico over the past year, including its Tuiio platform targeting low-income customers. (Reforma, December 16, 2021)
- Flooring: U.S. floorcoverings manufacturer Mohawk Industries is on track to initiate operations at a new plant in the northwestern border city of Mexicali, the company reported. The US$190 million facility is projected to become the largest vinyl flooring factory in Latin America, according to the Mexicali municipal government. (La Voz de la Frontera, December 12, 2021)
- Automotive: U.S.-owned Lear Seating Structures announced investment of over US$20 million to expand operations at its plant in the northern state of Coahuila. The upgrade will allow the company to increase production of metal structures for automotive seating to supply regional auto makers. (Vanguardia.mx, December 11, 2021).
- Transport: Mexican transport service provider Transporte Empresarial del Norte (TEN) launched operations in the northern state of Coahuila via investment of approximately US$12.8 million. The expansion is intended to deliver employees to and from industrial sites in the region. (El Siglo de Torreón, December 13, 2021)
Tag Archives: financial services
Recent and upcoming investment in Mexico
Information collected from media reports over the last month:
- Cement: Swiss building materials multinational Holcim is projecting Mexico investment this year of up to US$50 million to extend its distribution network around the country, the company reported. Plans also include increasing production capacity at its cement and concrete plants, reducing emissions and improving operating efficiency. (El Economista, January 27, 2019)
- Pharmaceutical: U.S. drug maker Pfizer plans to invest approximately US$26 million in Mexico operations this year to speed the launch of new products, the company reported. Resources will support upgrades to Pfizer’s Toluca manufacturing plant, expansion of clinical research and implementation of social and educational programs in the country. (El Financiero, January 28, 2019)
- Pet supplies: U.S. pet products specialty retailer Petco reported plans to invest US$20 million this year to support Mexico operations. Projects include opening 20 new sales locations, remodeling existing stores and upgrading the chain’s e-commerce platform. (El Financiero, January 28, 2019)
- Fuel transport: Mexican energy company Avant Energy is projecting investment of approximately US$90 million this year to boost supply of gasoline to central Mexico. Plans include installing infrastructure for the transport of fuel by rail to the state of Querétaro for transfer to tanker trucks, as well as upgrading capability for the transfer of gasoline from ships to rail tankers at Gulf port facilities. (El Financiero, January 21, 2019) Continue reading Recent and upcoming investment in Mexico
Mexico passes new fintech law as sector surges
On March 9, 2018 the Mexican government published a new financial technology law, called the Law to Regulate Financial Technology Institutions (Ley para Regular las Instituciones de Tecnología Financiera, or Ley Fintech). The text of the law states up front that’s its goal is to “regulate the financial services provided by financial technology institutions, as well as their organization, operation and functioning and the financial services subject to any special regulation that are offered or carried out by innovative means.” Conventional banks in Mexico have long been regulated of course but the recent surge in new technologies and tech startups in the financial sector has been making both regulators and old-school bankers jumpy. This, then, is a first stab at setting up a basic regulatory environment for the new wave of mostly internet-based access and transaction platforms and products. Continue reading Mexico passes new fintech law as sector surges