June 1st. The Mexican government announced that it will support Mexican automotive companies with the establishment of a USD 425 Mio. revolver facility line through Bancomext (Government owned bank). The first stage of this program will be focused on Ford’s suppliers, given the Chapter 11 processes of GM and Chrysler.
June 4th. International Consulting Firm Alix Parthners announced that Mexico is the cheapest country to manufacture, followed by China and India.
June 4th. Salinas Motors (Subsidiary from Grupo Salinas) announced that the planned USD 150 Mio. investment to establish a new manufacturing facility in alliance with FAW (China) in Michoacan, Mexico will be held in Stand By until further notice, given the current economic environment of the industry.
June 5th. As part of its Chapter 11 strategy Delphi Motors will sell 4 manufacturing facilities in Mexico to GM. The facilities are located in Ciudad Juarez, Sabinas Hidalgo and Queretaro.
June 9th. Continental Mexico cut 800 jobs in its Guadalajara facility. This is the biggest cut down for the company since it established itself in Mexico. During the year, sales have decreased by 35%.
June 10th. Best Buy Mexico announced that they will open 5 more stores in Mexico before year end. Best Buy Mexico currently has 1 store in Mexico City.
June 12th. CNBV informed that NPL ratio for credit cards reached 10.4%, this is impacting directly Mexican banks’ profitability (i.e. Banamex Credit Cards net income decreased 23.7% as of May 2009).
June 15th. Cemex reached an agreement with Holcim to sell its Rinker operations in Australia for USD 1.6 billion.
June 17th. CNBV announced that the Mexican Banks’ NPL Ratio for personal loans reached 7% mainly caused by ScotiaBank, Banamex and Banco Azteca’s performance.
June 17th. Moody’s downgraded Femsa from Aaa.MX to Aa1.MX, while the outlook was kept in stable.
June 19th. Herdez (Mex) and Hormel Foods (USA) reached an agreement to establish a new JV company called MegaMex Foods to commercialize food products in the USA.
June 24th. AIG reached and agreement with DNI (subsidiary from Grupo Afirme) to sell its consumer credit division in Mexico.
