Maeva invests in Mexico plant to grow in the US
Maeva, one of the leading exporters of olive oil and bottled extra virgin olive oil in Spain, mainly with private label, considers one of its most promising markets the US. The company’s business with the third largest consumer of olive oil in the world, will be supported from Maeva’s plant in Mexico.
The family owned business group from Granada is expanding its plant in Mexico, the only plant that Maeva has outside of Spain, in order to enable a production of 10,000 Tm per year. This is a substantial amount considering that 50,000 Tm were sold worldwide by the company in 2015. The investment in the plant located in Monterrey, Nueva Leon, Mexico is calculated to be approximately one million euros.
Luis Torres Morente, Director of Maeva and grandson of the founder, stated that from Monterrey, Maeva will cover both the local as well the US market. Since the plant is only 400 km (248.5 miles) from the Texas border and there is “free trade between Mexico and the US as well as excellent transportation means this the right move for us,” the group’s director said. Mr. Torres Morente also points out that Maeva is the only company in the olive oil sector with its own plant in the country.
The Mexican plant is also tailored to supply packaged oil to retailers, including the range of aerosols/sprays, which the company pioneered in ten years ago.
Leader in China
Together with Europe, which accounts for 40% of the group’s sales, and Mexico and the US, accounting for 25%, the other big foreign customer is China, which contributes with 35% of the total sales. In fact, in 2014 Maeva was the largest exporter of extra virgin olive oil to China, with almost 11 million euros, according to the Economic and Commercial Office of the Spanish Embassy in Beijing.
Maeva had a turnover of 150 million euros in 2015, 20% more than the previous year, driven by the increase of olive oil prices. Exports accounted 70% of the total, while the 30% left was domestic sales.