IMAX Expanding in Mexico
As movie-theater operator Cinemark exits the Mexican market, another "gringo" is expanding to fill the gap -- from even farther north of the border.
On Monday, Mississauga, Ontario-based IMAX announced that it has signed an agreement to install five IMAX theatres at existing Mexican multiplexes operated by Cinepolis. The agreement, once implemented, will give IMAX a total of 12 Cinepolis locations in Mexico, in addition to the one now operating in Brazil.
IMAX CEO Richard L. Gelfond explained the move thusly: "Mexico is a leading movie-going market we've only begun to penetrate, and today's agreement proves our momentum is building in Latin America-a key area of focus for IMAX." Through Cinepolis, IMAX says it now has locations in all four of Mexico's highest-grossing movie complexes.
Regardless, IMAX shares followed the rest of the market down today, dropping 1.4% to close at $27.17.
The article IMAX Expanding in Mexico originally appeared on Fool.com.
Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends and owns shares of IMAX. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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