To Press Releases listJohannesburg,Feb 2, 2011
Nestle said in a statement on Wednesday it will spend about R500-million on a new cereal factory and expanding its noodle business in Africa's largest economy. Nestle has said it wants at least 40% of its business to come from fast-growing markets such as Brazil, China, Ghana and Vietnam within ten years, up from about 30% now.
Home to about 1 billion people, Africa is expected to see its population double by 2050. The explosive population growth, together with rising personal incomes, makes the continent an increasingly attractive target for Western corporations.