Nava Brewery Budget Doubles

April 10, 2014 Dear Client: The big news out of Constellation's conference call yesterday is the doubling of the expected cost to complete the Nava brewery expansion from $500-600 million to $900m to 1.1 billion. That was to be expected: construction projects nearly always over-run. In this case the increased expense is due to consultants and outsourced engineering costs which Modelo would have sourced in-house. Constellation says in the long run the final brewery will be more efficient. Regardless, the