Grupo Modelo has unveiled plans to construct a new corn processing facility dedicated to producing corn grits – a vital ingredient in the beer-making process. Teaming up with Millfoods, the brewing giant is set to invest a substantial USD 300 million in the establishment of this state-of-the-art plant located in Salamanca, Guanajuato.
The joint announcement, made by Economy Minister Raquel Buenrostro, Grupo Modelo VP Raúl Escalante, and Millfoods President Pilar Gutiérrez, signifies the companies' dedication to advancing both the brewing industry and regional economic growth.
This innovative venture holds the promise of not only enhancing the quality of brewing but also driving employment opportunities and local agricultural development as 100% of the corn will come from Mexico. Anticipated to be operational by late 2024, the facility is projected to create over 1,000 new jobs and serve approximately 20,000 corn producers hailing from the Bajío region.
Minister Buenrostro lauded the announcement for its contribution to the favorable business landscape in the nation. The investment, she emphasized, is instrumental in generating high-quality jobs, a crucial step towards reducing poverty and inequalities. Furthermore, the wave of investment announcements witnessed throughout the year underscores the confidence that investors have in the country's growth potential.
Julio César Prieto Gallardo, the Mayor of Salamanca, extended gratitude to Grupo Modelo and Millfoods, highlighting the importance of public-private partnerships in catalyzing the development of the Mexican economy.
Raúl Escalante of Grupo Modelo emphasized the company's unwavering dedication to Mexico, noting that this investment aligns with their commitment to supporting local producers who cultivate the grains essential for crafting their renowned beers. The investment not only amplifies the growth of the nation's agribusiness sector but also resonates with Grupo Modelo's overarching mission to foster the country's prosperity.