Nestle storms China with $600m investment

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BEIJING -- Nestle, the world's largest food company, has opened two new ventures in China as part of the Swiss-based firm's plan to invest $600m in the country by the end of the century.

Chairman and CEO Helmut Maucher expressed optimism for Nestle's operations in China during his visit to China for the opening of the plants and said Nestle will continue to expand its business and investment in China, looking inland for future development. "The tremendous market, continued economic growth and central support for the agricultural industry here promises a good environment for investment by Nestle," he said.

The two new factories, in the Tianjin Economic and Technological Development Area (Teda), will produce ice cream and dried milk powder and the confectionery brands Kit Kat and Polo.

Nestle has now completed nine projects of its initial 11-plant $337m investment scheme.

Copyright October 1996, Crain Communications Inc.

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