Procter & Gamble to invest $100M in Philippines

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MANILA--U.S. consumer product giant Procter & Gamble will invest nearly $100 million to upgrade its laundry detergent plant in the country, according to the Philippine Board of Investments. It will close its existing factory in Manila when its new plant in Laguna, north of the city, begins operations by July next year.

Sales in the Philippines are expected to range between $67.5 million in the first year after the completion of the plant and $96.9 million in the fifth year.

P&G's Philippine subsidiary accounted for 1.2%, or $10.15 million, of the U.S. company's global sales in 1998. Last year, the company invested $260 million -- 11% of its global capital expenditure -- in Asia alone.

Copyright April 1999, Crain Communications Inc.

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