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Modelo to cut 1200 jobs as crisis bites


Mexican brewer Grupo Modelo the producers of Corona are cutting up to 1,200 jobs as the global economic downturn hits beer sales, the company said yesterday.
“To be able to confront the difficult economic situation … the company has been forced to reduce its workforce by 1,200 people,” said Modelo spokeswoman Jennifer Shelley.
Modelo on Oct. 27 warned of weaker volume growth in Mexico and other export markets, citing the current financial crisis hitting markets worldwide.

Modelo is 50 percent owned by global brewing company AB InBev and competes with rival Mexican beermaker FEMSA who produce Sol. The other 50 percent of Modelo is in the hands of a voting trust run by a group of closely connected Mexican families.

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Monday, January 22, 5:50 am

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