P&G to invest $175 mln on a factory in South Africa
JOHANNESBURG, March 19
JOHANNESBURG, March 19 (Reuters) - Procter & Gamble Co. , the world's biggest household products maker, is to build a $175 million export-oriented factory in South Africa, the latest multinational to position itself for take-off on the fast-growing continent.
Africa has been in the limelight for global consumer firms since Wal-Mart's $2.4 billion acquisition in 2011 of South African retailer Massmart gave the world's largest retailer a foothold in several sub-Saharan countries.
P&G, which already makes nappies for Africa's biggest economy in a factory near Johannesburg, said the new plant would make a range of products including detergents for local markets and export to southern and east Africa.
Construction of the 1.6 billion rand ($174.6 million) plant would start next year with production expected by 2017, the company said.
P&G's expansion in South Africa pits it against domestic firm Tiger Brands and Anglo-Dutch consumer goods company Unilever, which has said it plans to double its Africa revenue in next few years.
Swiss consumer foods maker Nestle is in the middle of a 1 billion Swiss francs ($1.06 billion) investment in expanding and upgrading facilities in Africa.
- Exclusive: Angry with Washington, 1 in 4 Americans open to secession
- Scots spurn independence in historic vote, nationalist leader resigns |
- Eight bodies found after attack on Guinea Ebola education team
- Special Report: Scotland stays in UK, but Britain faces change
- Alibaba expected to rise more than 30 percent in trading debut |