Brinker International, Inc. (NYSE: EAT – News) announced an agreement with CMR for the joint investment in a new corporation to develop Chili’s Grill & Bar and Maggiano’s Little Italy brands in Mexico.

Under the agreement, CMR and Brinker will jointly contribute to the new company for the development of at least 50 restaurants over the next four years. The companies expect five restaurants to begin operating in calendar year 2007 and nine more to open by the end of 2008.

“This important transaction significantly contributes to our objectives of accelerated growth, and it allows us to partner with one of the global leaders in the restaurant industry. This agreement expands our portfolio of winning brands including Chili’s and Maggiano’s, restaurants that have proven very successful in the U.S.,” says Jose Antonio Fernandez, CEO of CMR.

“CMR has been a respected business partner of ours for more than 10 years and Brinker is pleased to finalize this agreement with them,” says Greg Walther, President of Global Business Development for Brinker International. “The deal will call for a tremendous amount of growth for two of our renowned restaurant brands. Our guests in Mexico have already become loyal fans of Chili’s, and we are excited to introduce another unique dining experience with Maggiano’s Little Italy.”