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“If the competitiveness of our companies continues to decline, production risks shifting to countries where production is cheaper” – trade body Fevia.
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The listed US pork group pointed to a “strong performance” from its packaged meats business.
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The company will remain headquartered in California, with plans to expand supply operations across South America, Mexico and Europe.
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The funds will support machinery upgrades and increase production capacity.
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As part of the agreement, Indian companies will be able to import ingredients duty free for use in the production of exports.
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Labour union UFCW Local 7 said 97% of union members at Denver Processing voted to authorise the walkout.
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By the end of this year, the company’s products will also be available in France, Switzerland and Austria.
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The Italian food giant is manufacturing its Nutella Peanut spread at a site in Illinois.
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