Nestle plans to invest about $42.88M to establish a new production facility in western Ukraine, Reuters’ Olena Harmash reports. The move makes Nestle one of very few multinationals announcing new investments in the country since Russia’s invasion in February, the author notes. "This is an important move for Nestle, taken in a very challenging time for the country," Alessandro Zanelli, Nestle chief executive officer for South Eastern Europe Market, said. "We aim to create a food and culinary hub, ensuring incremental jobs and serving the needs of Ukrainians and all European citizens with high quality products." Reference Link
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on NSRGY:
- Nestle downgraded to Hold from Buy at HSBC
- Nestle sees constant currency earnings growth of 6%-10% through 2025
- Nestle to explore strategic options for peanut allergy treatment
- Nestle may sell allergy unit as CEO reverses course, Bloomberg reports
- Nestle (NSRGY) Is Navigating Challenges Well; Will the Momentum Sustain?