SAO PAULO (Reuters) – Nestle’s Nescafe plans to invest an additional 500 million reais ($88.7 million) in Brazil by 2028, the coffee brand said on Thursday in a presentation to journalists.
The amount comes on top of the 1 billion-real investment the company had announced last year in Latin’s America largest economy.
The fresh investments are focused on expanding its Montes Claros factory, located in the southeastern state of Minas Gerais, and increasing the footprint of its “Nestle Professional” coffee machines, according to the firm.
The Nescafe brand was first created in Brazil – the world’s largest coffee producer and exporter – to sell instant coffee, but now has a broader range of products.
($1 = 5.6397 reais)
(Reporting by Oliver Griffin; Writing by Andre Romani; Editing by Gabriel Araujo)
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