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.

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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.


Arcor has just a 3% share of the Brazilian chocolate market. Brazil has become more important to the group as its home performance was hit by the financial crisis in Argentina. Sales in Brazil rose 29% last year to R$270m (US$114.1m).


Arcor is also active in Chile and Peru, reported Gazeta Mercantil.

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