Nestle has confirmed plans to invest US$138m into Egypt in the next few years.
A spokesperson for the company confirmed reports it is looking at investing in manufacturing, new products and the nutrition and health industries. When questioned whether acquisitions were on the horizon, a spokesperson told just-food: “We are constantly reviewing the markets where we operate. However, it would be premature to make any further comments on our business plans for Egypt.”
Last June, the Kit Kat owner opened a confectionery plant in the country.
In an interview with Reuters, Suresh Narayanan, the head of Nestle’s business in north-east Africa, said the investments the company had made over the last three to four years “are the kind of vision that we would have for this market also going forward”.
Interest in Egypt from international food manufacturers has increased in recent months as relative stability returns to the country.
The country has been in the M&A spotlight in recent weeks. Earlier this month, Kellogg closed a deal to buy 86% of Egyptian snack maker Bisco Misr. Arab Dairy has also attracted a number of local and international bids, including fropm Lactalis.