Global food giant Nestlé is set to invest $100 million (€92.03 million) over the next three years in its Colombian operations, president Gustavo Petro said on Friday, part of his push to boost industrialisation.
The Colombian leader outlined the announcement in a post on Twitter late Friday.
The new investment plan builds on $13 million (€11.96 million) already spent by the world's largest food and beverage producer in the South American country, the government said in a statement, with the new funds to be focused on increasing production capacity and updating technology.
"Industrialising Colombia is essential if we want to get out of poverty," Petro wrote on Twitter.
Nestlé did not immediately respond to a request for comment.
But the statement quoted its top executive for Latin America, Laurent Freixe, as saying that the plan will allow the company to strengthen its product portfolio as well as align with some of the government's priorities, such as promoting youth employment.
Other Investments
Elsewhere, Nestlé Health Science announced an investment of $43 million (€39.8 million) to expand its manufacturing facility in Eau Claire, Wisconsin.
The food giant plans to add two new production lines to boost the production of ready-to-drink consumer products.
In November of last year, the company nudged its 2022 sales outlook upwards. It said it now expected organic sales growth of 8% to 8.5%, up from an October forecast of around 8%, and an underlying trading operating profit margin of around 17.0%.
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