Mexicos Comerci net seen up on strong operations
Comercial Mexicana, one of the countrys largest retailers, will likely report a 35 percent rise in net profit for the second quarter thanks to a rise in sales and operational improvements.
Known by investors as Comerci (COMERCIUBC.MX: Quote, Profile, Research) (MCM.N: Quote, Profile, Research), the company should report a net quarterly profit of 302 million pesos ($27 million), according to the average estimate of five analysts consulted by Reuters.
Comerci, which is expected to report better results from its updated distribution operations and better negotiations with suppliers, is scheduled to report its quarterly results on Tuesday, July 25.
We predict quarterly net profit grew 35 percent, based on expected growth in operating profits, lower interest payments … and a lower tax rate, Santander Investment said in a report.
More : today.reuters.com
Dana Corp. dissolves joint venture in Mexico
Dana Corp. announced plans to acquire full ownership of several operations based in Mexico, following the dissolution of its joint venture with DESC S.A. de C.V., known as Spicer S.A. de C.V.
Dana will assume 100 percent ownership of operations that make and assemble axles and driveshafts, as well as forging and foundry operations in which the company now holds an indirect 49-percent interest.
DESC, in turn, will assume full ownership of the transmission and aftermarket gasket operations in which it now holds a 51-percent interest.
The transactions are expected to close in the first quarter of
Pulte Homes Sells Mexico Operations
Pulte Homes, Inc., based in Bloomfield Hills, Mich., has sold its Mexico homebuilding operation to a group of investors led by affiliates of Walton Street Capital, a Chicago based real estate investment company, and advised by Banc of America Securities and Hipotecaria Su Casita, Mexico’s largest independent Sofol.
Pulte Mexico, which began operations in 1994, was on track to deliver more than 7, 000 homes in 2005. As a result of this transaction, Pulte’s Mexico homebuilding operation will be reported as Discontinued Operations effective with the Company’s fourth quarter 2005 financial results.
Soure: home.nestor.minsk.by
Pulte sells Mexico operations to investment firm
Home builder Pulte Homes Inc.(PHM.N: Quote, Profile, Research) on Tuesday said it sold its Mexico home-building operation to investors led by affiliates of Walton Street Capital, allowing the company to focus on its U.S. expansion.
Pulte, the No. 2 U.S. home builder, did not release financial terms of the deal.
"As previously announced, we have been evaluating long-term strategic alternatives with regard to all of Pulte's international operations," Roger Cregg, Pulte chief financial officer, said in a statement. "With the sale of our Mexico home-building operation, we have effectively exited our international business allowing us to
Pulte sells Mexico operations to investment firm
Home builder Pulte Homes Inc.(PHM.N: Quote, Profile, Research) on Tuesday said it sold its Mexico home-building operation to investors led by affiliates of Walton Street Capital, allowing the company to focus on its U.S. expansion.
Pulte, the No. 2 U.S. home builder, did not release financial terms of the deal.
"As previously announced, we have been evaluating long-term strategic alternatives with regard to all of Pulte's international operations," Roger Cregg, Pulte chief financial officer, said in a statement. "With the sale of our Mexico home-building operation, we have effectively exited our international business allowing us
Pulte Homes sells Mexico operations
Pulte Homes has sold its Mexico home-building business to a group of investors in a move toward curtailing its international operations to focus more on the U.S. market, the home builder said today.
The group of investors is led by affiliates of Walton Street Capital, a Chicago based real estate investment company, and advised by Banc of America Securities and Hipotecaria Su Casita, Mexico's largest independent Sofol. Financial terms of the transaction were not released.
"As previously announced, we have been evaluating long-term strategic alternatives with regard to all of Pulte's international operations," said Roger A. Cregg, executive
BP, Shell say Gulf of Mexico ops still suspended
BP PLC and the Royal Dutch Shell said their operations at the Gulf of Mexico remained suspended even as initial inspection showed the offshore facilities sustained little damage from Hurricane Rita.
'The (US Gulf) facilities as of Monday are still completely shut. The situation is still the same,' said a BP spokeswoman.
BP continues to check the facilities and will not allow operations to resume until it is completely certain that it is safe to do so.
'Initial assessment on Sunday via aerial overflights and small crews placed on several BP-operated deepwater
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
Steris Leases Mexico Facility
Steris Corp., a sanitizing lotions and soaps maker, said on Wednesday it signed a lease on a facility in Monterrey, Mexico, where it plans to transfer manufacturing operations from Erie, Pa.
The facility _ which Steris is leasing from real-estate developer Avante Group _ will be used to manufacture sterilization equipment for healthcare, pharmaceutical plants and research laboratories. The facility comprises roughly 13 acres, and is located two and a half hours south of Laredo, Texas. After the initial build-out at the site, Steris plans to transfer operations in phases through the summer of 2007.
In January, Steris
Asarco, the copper mining unit of Grupo Mexico (GMBXF.NOO), Wednesday filed for bankruptcy protection after a five week strike that hampered production. The company also faces environmental and other claims worth $1.9 billion.
Asarco filed for Chapter 11 protection in the US Bankruptcy Court in Corpus Christi, Texas, although its operations are headquartered in Tucson. Asarco is facing a large number of asbestos related personal injury claims besides several environmental lawsuits related to its mining, smelting and refining operations. The company expects the Chapter 11 filing to enable it to reorganize its liabilities, reduce operational costs and restructure its balance sheet.
Baker Receives Gulf of Mexico Contract From Stone Energy Corporation
Baker Energy, a unit of Michael Baker Corporation (Amex: BKR), announced today it has been awarded a two-year, multimillion dollar contract from Stone Energy Corporation for the provision of more than 50 operations and maintenance (O&M) labor personnel for Stone Energy's state and inland waters operations, offshore Louisiana in the U.S. Gulf of Mexico.
Under the terms of this contract, which took effect on Jan. 1, 2006, Baker will manage the transition of the existing workforce, enhance future recruiting activities, conduct competency-based assessments of the workforce, and provide Health, Safety, Environmental
