UPDATE 1-Schering says to divest Mexico chemicals unit
German drugmaker Schering (SCHG.DE: Quote, Profile, Research) will divest its chemicals production unit at Orizaba in Mexico, part of its Focus cost-cutting drive, it said on Monday.
Schering has around 250 employees at the site and expects the divestment to be completed before 2008. In the meantime, chemical production at the site will continue, it said.
The Berlin-based company is also reviewing chemical production activities at another site, at Bergkamen in Germany.
It said the review was expected to result in a further restructuring and optimisation of production processes.
Schering shares were up 0.2 percent at 52.05 euros at 1059 GMT, outperforming a flat DAX index.
Schering unveiled the Focus initiative last year as part of plans aimed at reaching an operating profit margin of 18 percent in 2006, up from 15.5 percent last year.
More: today.reuters.com
Nova Chemicals forms joint venture in Mexico
NOVA Chemicals Corp. said on Friday it reached a joint venture agreement with privately-held Mexican firm Grupo Idesa to produce and distribution polystyrene for the construction and packaging industries in Mexico.
The new company, to be called Novidesa, will also distribute NOVA Chemicals' solid polystyrene in Mexico. The joint venture will be formed by a cashless transaction and is expected to begin operations by September.
More: ca.today.reuters.com
UPDATE 3-Political ads boost Q2 profit at Mexico's Televisa
MEXICO CITY, July 14 (Reuters) - Mexican broadcaster Televisa's second-quarter net profit rose 165 percent, driven by rising political advertising and better results at its satellite business, the company said on Thursday.
It also increased its broadcast television sales outlook for the rest of the year.
Televisa (TV.N: Quote, Profile, Research)(TLEVISACPO.MX: Quote, Profile, Research) earned 1.277 billion pesos ($118.5 million) in the quarter to end-June compared with 482 million pesos a year earlier, when it had a one-time charge from losses at its Sky satellite unit.
More: today.reuters.com
Mexico has stopped producing ozone-depleting chemicals four years before a deadline set by an international agreement, the environment secretary announced Friday.
The last chlorofluorocarbons, or CFCs - manmade chemicals used in aerosol sprays, refrigerators and air conditioners - were produced last month in this northern industrial city, Environment Secretary Jose Luis Luege Tamargo said.
Scientists have linked the use of CFCs to destruction of the ozone layer.
"Mexico is a pioneer when it comes to protecting the ozone layer, and in the last 15 years has reduced by 90 percent the use of CFCs," said Luege Tamargo, speaking at chemical plant belonging to
GE Unit Wins Contract From Mexico Utility
GE Energy said Thursday it was awarded a contract by Mexico's state-owned electric utility to expand output capacity at the country's only nuclear power plant.
In a news release, the unit of General Electric Co. said the contract from the Federal Electricity Commission, or CFE, is to initially provide safety and licensing evaluations for plans to increase output by 20 percent at the Laguna Verde plant in the Gulf coast state of Veracruz.
Soure: news.moneycentral.msn.com
UPDATE 1-Mexico July same-store sales rose 3.1 pct - group
Mexico's top retailers' group ANTAD said on Monday its members' same-store sales rose 3.1 percent in July year-on-year, falling further behind powerhouse Wal-Mart's Mexico unit.
Wal-Mart de Mexico (Walmex) (WALMEXV.MX: Quote, Profile, Research), which is not in the association, said last week its same-store sales in July were up 7.5 percent.
The National Association of Supermarkets and Department Stores, or ANTAD, which includes about 100 of the country's main retailers, said members' total sales for July rose 10.8 percent from July 2004.
Same-store sales at outlets open 12 months or longer are considered
Reddy’s scoops Roche unit in Mexico
Dr Reddy’s Laboratories Ltd, India’s third-biggest drugmaker, has acquired Roche’s manufacturing business in Mexico for $59 million.
The business involves the manufacture and sale of active pharmaceutical ingredients, or APIs, to Roche and other companies. The purchase agreement includes all supply contracts.
The Cuernavaca, Mexico unit manufactures 18 products including APIs and steroids, and has 340 employees.
While the products and the facilities have been valued at around $39 million, the remaining cost is towards cash and inventories with Roche, G V Prasad, CEO, Dr Reddy’s said.
The acquisition will be completed by end of December 2005 making
Mexicos Carso seeks to delist Sanborns retail unit
Mexican conglomerate Grupo Carso said on Monday it would ask shareholders to make an offer to buy up to 100 percent of outstanding shares in retail unit Grupo Sanborns and delist the company from Mexicos stock market.
Carso (GCARSOA1.MX: Quote, Profile, Research), an industrial and retail conglomerate that belongs to the business empire of Latin Americas richest man, Carlos Slim, said it would offer to pay 26 pesos per share it does not currently own in Sanborns (GSANBORB1.MX: Quote, Profile, Research), for an estimated total cost of 4.1 billion pesos ($376 million).
Source : today.reuters.com
UPDATE 1-Mexico posts $650 mln 3Q current account deficit
Mexico posted a $650 million current account deficit in the third quarter of this year following a $19 million deficit in the second quarter, the country's central bank said on Tuesday.
The accumulated current account deficit in the first nine months of the year was equivalent to 0.7 percent of gross domestic product.
Analysts in a Reuters poll had predicted Mexico would post a third-quarter current account deficit of $1.226 billion.
"It's clearly far better than expected, and another sign that exports are doing much better than had been feared," said Christian Stracke, lead
Mexico now doubts detaineees were members of elite force
Mexican officials are continuing to investigate seven Guatemalans detained while carrying prohibited firearms.
But Mexican authorities today said they now do -NOT- believe the men are former members of an elite Guatemalan counterinsurgency unit.The men, who face charges of weapons trafficking, were caught near the Guatemalan border on September tenth.Officials say the men had six large-caliber rifles and about 16-hundred rounds of ammunition.Authorities earlier said the men might be former "Kaibiles," an elite Guatemalan paratrooper unit, and that they had arrived to work with Mexican drug traffickers. Copyright 2005 Associated Press. All
UPDATE 1-Forest Oil to spin off Gulf of Mexico operations
Forest Oil Corp. (FST.N: Quote, Profile, Research) on Monday said it would spin off to shareholders its offshore operations in the Gulf of Mexico and then combine them with independent oil and gas explorer Mariner Energy Inc.
Shareholders of U.S. natural gas producer Forest Oil will receive about 0.8 share of Mariner stock for each Forest Oil share they hold.
The spun-off entity will borrow from a third party and pay Forest $200 million, which the company plans to use to pay down debt.
Mariner, which said the deal would boost its scale in
