Leading Argentinean food company Arcor has outlined ambitious plans to expand its operations in neighbouring Brazil by 20% per year. Arcor plans to invest R$120m (US$50.7m) in Brazil by the end of 2003. Arcor has had a presence in Brazil for 20 years, and is now planning a serious investment in the chocolate market there. The group was recently thwarted in its attempt to buy Brazilian chocolate manufacturer Garoto, which was acquired by Nestlé of Switzerland.