Nestlé has dismissed reports its Confectionary Union Rossiya planning to invest up to US$20m this year in further factory development in Russia.
The food giant, whose production totalled 80,000 tons in 2007, up 3% compared to 2006, told just-food today (9 April) that it is not planning to extend its business in Russia.
“We are convinced Russia has a great future and it will be a very important market. We are constantly on the look out,” said Nestlé spokesman Francois-Xavier Perroud.
Since 1995, CU Rossiya has made investments of over US$160m in the region. The company also launched several new products in 2007.
Only yesterday, Nestlé said it would continue to look for further acquisitions in a bid to strengthen its drive into health and wellbeing, following its sale of shares in US eyecare firm Alcon.
The company said it was open to investing more than its previous, self-imposed ceiling of around US$2bn annually in such acquisitions.
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