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.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Shareholders raise questions over dividend payout, directors’ salaries at Best World AGM ahead of proposed privatisation
‘Extreme’ climate blamed for world’s worst wine harvest in 62 years
Sheng Siong Q1 net profit up 9.3% on higher revenue
Nestle sales growth sputters on US slump, vitamin snags
Hermes Q1 sales jump 17% on strong China demand
Cordlife’s independent auditor to retire after issuing disclaimer of opinion on FY2023 financials