Nestle to invest 2b pesos in new Milo plant in Philippines

Manila

THE Philippines unit of Nestle SA, the world's largest food-and-drink company, will invest 2 billion pesos (S$57 million) to build a new plant to make a key ingredient in its Milo chocolate-and-malt drink.

Nestle Philippines CEO Jacques Reber said on Tuesday that the new facility, located south of the capital, would start operations late next year. It will be the fourth Nestle plant in the world producing protomalt - a set of carbohydrates extracted from cassava and barley, he said.