On Wednesday, the 21st of August 2019, Swiss multinational food and drinks processing conglomerate, headquartered in Vevey, Switzerland, said the world’s largest food company by revenues and other metrics, Nestle SA had been sketching out a plan to invest as much as $250 million (1 billion Brazilian Reais) in the Brazilian state of Sao Paulo over the next three years as a push to initiate new production lines alongside technologies in its existing production hubs, meanwhile forging ahead towards a digital transformation.
Further inside the bid, latest announcement of Nestle SA came amid a market backdrop in the Brazilian state of Sau Paulo when its Governor, Joao Dória had been striving to draw more investments into the state aimed at ramping up industrial jobs in the historic manufacturing HubSpot of Brazil.
Besides, recent investment of Swiss-based multinational food company, Nestle SA, came forth a few days after China’s tech conglomerate Huawei Technologies had announced a $800 million in new investments to construct its second plat in Sao Paulo.
Apart from that, followed by Wednesday’s (August 21st) announcement, Marcelo Melchior, Chief executive of Nestle SA in Brazil, which had been employing as many as 100,000 workers indirectly in Sau Paulo and 12,000 people directly, said, “Sao Paulo state is greatly important to our story, as it hosted our very first factory (in Brazil). ”