Fomento Económico Mexicano (FEMSA) has completed the divestiture of its plastics solutions operations to AMMI, an affiliate of Milenio Capital.

The transaction, which was finalised for a total amount of 3.16bn pesos ($153.5m), was executed on a cash-free, debt-free basis.

On 28 October 2024, FEMSA reached a definitive agreement with AMMI.

This transaction marks another step in the ongoing implementation of the FEMSA Forward plan, which was announced in February 2023.

AMMI, a US-headquartered diversified corporation, is recognised for its 59-year expertise in the food and beverage industry.

It operates in Central America and the Caribbean, producing crown caps and sustainable plastic packaging through its subsidiaries PLIHSA Crown Caps and PLIHSA Plastic Injection, respectively.

The holding aims to achieve carbon neutrality by 2030. Other companies under AMMI include PLIHSA Corporate Services and Equity.

Additionally, AMMI's Millfoods, a non-genetically modified organism corn production plant in Mexico, serves various sectors and exports to 180 countries, further underlining the company's global reach.

On the other hand, FEMSA is known for operating OXXO, a chain of small-format stores.

In the beverage sector, it operates through Coca-Cola FEMSA, the largest franchise bottler of Coca-Cola products globally by volume.

FEMSA employs more than 392,000 people across its business units in 18 countries.