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Walmart to Invest $1.3 Billion in Mexico, Adds 10,000 New Jobs
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On Thursday, Wal-Mart Stores Inc.’s (WMT - Free Report) Mexico-based subsidiary Wal-Mart de Mexico announced it would invest $1.3 billion in the country, specifically in its logistics division.
Guilherme Loureiro, the CEO of Wal-Mart de Mexico, said the $1.3 billion will go toward boosting the company’s logistics infrastructure like building new distribution centers and expanding present ones. Loureiro said that as a result of the investment, 10,000 new permanent jobs will be created.
"This investment affirms our confidence in Mexico, strengthening the logistical infrastructure to achieve our growth goals," Loureiro said at the presidential palace in Mexico City Wednesday night. "We are convinced that Mexico is a country rich in opportunities," he continued, also noting that Wal-Mart has invested $2.6 billion in Mexico over the past four years.
Loureiro stressed that the investment will stem from profits made in Mexico, and no jobs are being transferred to Mexico from the United States.
Mexico’s President, Enrique Pena Nieto, hailed the news. "Mexico is one of the few economies in the hemisphere that is growing,” he said during the announcement of the investment plan. “[Mexico] has become the main economic engine of America,” highlighting that the country has received $127 billion in foreign direct investment from the time he took office in December 2012 until September of this year.
Wal-Mart de Mexico is the second biggest company on the Mexican Stock Exchange, bringing in almost $24 billion in revenue back in 2015. It has a large presence throughout Mexico, as well as Guatemala, Honduras, El Salvador, Nicaragua, and Costa Rica. Wal-Mart typically sees about 4 million customers at its Mexican stores on a daily basis, and counts 28,000 suppliers and 200,000 employees.
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Walmart to Invest $1.3 Billion in Mexico, Adds 10,000 New Jobs
On Thursday, Wal-Mart Stores Inc.’s (WMT - Free Report) Mexico-based subsidiary Wal-Mart de Mexico announced it would invest $1.3 billion in the country, specifically in its logistics division.
Guilherme Loureiro, the CEO of Wal-Mart de Mexico, said the $1.3 billion will go toward boosting the company’s logistics infrastructure like building new distribution centers and expanding present ones. Loureiro said that as a result of the investment, 10,000 new permanent jobs will be created.
"This investment affirms our confidence in Mexico, strengthening the logistical infrastructure to achieve our growth goals," Loureiro said at the presidential palace in Mexico City Wednesday night. "We are convinced that Mexico is a country rich in opportunities," he continued, also noting that Wal-Mart has invested $2.6 billion in Mexico over the past four years.
Loureiro stressed that the investment will stem from profits made in Mexico, and no jobs are being transferred to Mexico from the United States.
Mexico’s President, Enrique Pena Nieto, hailed the news. "Mexico is one of the few economies in the hemisphere that is growing,” he said during the announcement of the investment plan. “[Mexico] has become the main economic engine of America,” highlighting that the country has received $127 billion in foreign direct investment from the time he took office in December 2012 until September of this year.
Wal-Mart de Mexico is the second biggest company on the Mexican Stock Exchange, bringing in almost $24 billion in revenue back in 2015. It has a large presence throughout Mexico, as well as Guatemala, Honduras, El Salvador, Nicaragua, and Costa Rica. Wal-Mart typically sees about 4 million customers at its Mexican stores on a daily basis, and counts 28,000 suppliers and 200,000 employees.
Stocks that Aren't in the News…Yet
You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>