Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Corona beer maker Constellation to reduce production in Mexico during pandemic

Published 04/08/2020, 09:24 AM
Updated 04/08/2020, 11:00 AM
© Reuters. Corona beers are pictured at a BevMo! store ahead of Constellation Brands Inc company results in Pasadena

(Reuters) - Constellation Brands Inc (N:STZ), the U.S. distributor of Corona beer, said on Wednesday it would reduce production at its Mexican breweries, just days after it announced they were fully operational.

The company said it was taking these additional steps to avoid "irreversible impact" to its operations and that the actions were in line with those taken by other brewers in Mexico.

Last week, Constellation said its breweries in Mexico were still operational even as rivals such as AB InBev-owned (BR:ABI) Grupo Modelo and Dutch brewer Heineken (AS:HEIO) suspended operations after Mexico declared a health emergency and ordered the suspension of non-essential activities.

"We are taking these additional steps after gaining more clarity related to the Mexican government's response to this health and economic crisis," Constellation Chief Executive Officer Bill Newlands said in a statement.

Newlands added that its supply to the United States would not be disrupted despite the reduced production activity.

Latest comments

Time to consider a name change for Corona beer!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.