Swiss food giant Nestlé is to invest PHP4.3bn (US$93m) in the construction of a Coffee-mate and Bear Brand factory in the Philippines.
Construction on the 27-hectare site in Tanauan, Batangas will begin this month and is expected to be completed in March 2012, John Miller, chairman and CEO for Nestlé Philippines announced on Friday (2 July).
Go deeper with GlobalData
Producing Coffee-mate non-dairy creamer and Bear Brand powdered milk drink, the facility aims to spur economic growth in the area, employ around 170 staff, and generate jobs in other sectors that will provide the facility with raw materials and services.
“The investment in the Tanauan factory starts a new chapter in Nestlé’s commitment to the country,” Miller said. “We believe this investment is a clear demonstration of our full confidence in the Philippines. It is timely as the country restates its commitment to accelerate economic growth.”
Miller added that demand for the two brands – both of which are market category leaders – continues to grow, and the investment in the new factory will address the need to increase production.
In addition to the latest investment, Nestlé said it will continue to invest in its four existing factories in the Philippines, which produce brands including Nido, Nesvita, Bear Brand Choco, ice-cream and Nestlé breakfast cereals.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataLast week, Nestle also announced the investment of CHF40m in the Democratic Republic of Congo (DRC) over the next three years.
