By Andrew Starke
Foster’s Group has extended it contract with Corona after negotiating a new licensing deal with Mexican brewing giant Grupto Modelo.
“Corona is a lead brand in the CUB portfolio and we’re delighted to extend our 22 year partnership with Grupo Modelo,” a Foster’s spokesperson told TheShout.
“The agreement reflects a great working relationship and we are proud to have built Corona Extra brand into Australia’s favourite imported premium beer.”
Corona Extra is Australia’s number one premium imported beer and the seventh-largest beer brand by value in the Australian market.
Foster’s is believed to generate almost $70 million in pre-tax earnings per year from the Corona contract.
Foster’s shares were trading at $5.56 at 2pm today (Feb 8), up from $5.35 seven days ago.