Nestle investing $165 million in Egypt
Jan. 20, 2011
by Eric Schroeder
CAIRO, EGYPT — Nestle S.A. said it will invest 160 million Swiss francs ($165 million) in its existing facilities and distribution centers in Egypt, creating 500 new jobs and continuing the Vevey, Switzerland-based company’s expansion in emerging markets.
The three-year investment, which follows investments totaling 170 million Swiss francs in Egypt over the past 10 years, will focus on increasing production in Egypt. Currently, Egypt is home to Nestle’s only facility outside Europe for the production of Movenpick super premium ice cream, and it is a manufacturing base for products such as Cerelac infant cereal and Maggi soups and bouillons.
“We are convinced that our business in Egypt will continue to benefit from the diversity and dynamism of the local population, along with the favorable demographic and economic growth trends,” said Frits van Dijk, executive vice-president and zone director for Asia, Oceania, Africa and Middle East. “I am very optimistic about the opportunities here.”
Mr. van Dijk also said Nestle plans to double its coffee vending machine business in Egypt during 2011.
“More people are consuming on the go, and so out-of-home consumption is increasing dramatically,” he said. “We are satisfying the needs of the consumers from all walks of life, from emerging consumers to those looking for premium products.”