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.

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The company said it was open to investing more than its previous, self-imposed ceiling of around US$2bn annually in such acquisitions.