Volkswagen’s Acceleration, Tenaris’ Turnaround Support Veracruz Port Spending

Cons. Discr. - Autos 1114 Consumer Staples 734 Corp - Ports 856 Materials - Metals/Mining 708 Mexico 839 Mode - Containerized 1424 Mode - Seaborne 1760 U.S. 5197

The Mexican government will invest $2.6 billion in expanding the ports of Veracruz, Manzanillo and Progreso over the next five years. That follows a 7.9% rise in containerized freight handling through all Mexican ports in the past year, and comes as the U.S.-Mexico-Canada Agreement’s passage provides extra visibility for long-term planning. Much of the growth was due to a 24.6% expansion in exports to the U.S. via the Gulf Coast port of Veracruz. Major exporters through the port include Volkswagen, whose U.S.-bound shipments rose 68.7% year over year in the past 12 months, and Heineken w...

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