08 June, 2004

Mexican brewer Grupo Modelo, maker of the famous Corona brand beer, announced that last year its sales volume in Spain and Europe as a whole rose 15 % and 25 %, respectively, EFE posted on June 4. Jose Pares, Grupo Modelo's investors relations director, told EFE that Iberocermex, its exporting arm, sold 1.8 million crates of beer in Spain in 2003, resulting in revenues of 23 million euros ($28 million).

Pares said that 2003 was a difficult year for the company in Spain due to the weak economy and the fact that imported beers sell at a premium, leaving Modelo at a competitive disadvantage. The director noted, however, that Modelo had become the top supplier of imported beer in Spain.

Modelo's exports topped $1 billion last year, with Europe accounting for 5 percent of that amount and Spain being the biggest market in the old continent. Pares said Modelo was not looking to open a plant in Europe and would focus its energies on the import market.

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