Nestle Investing $320 Million in Georgia Pet Food Factory
Nestle SA (NSRGY) - Get Report is investing $320 million in a new pet food factory and distribution center in Hartwell, Georgia, the company said Wednesday, according to Reuters.
The Swiss food group is building out the new factory between now and 2023. It's set to create as many as 240 jobs in the area over the next five years.
Recently appointed Nestle CEO Ulf Mark Schneider identified the pet care industry as a high-growth area the company wanted to focus capital spending on in a Tuesday investor call.
Schneider's Tuesday call was his first since taking the helm at the $260 billion company. His comments earned praise from analysts along Wall Street.
Over-the-counter shares of Nestle fell 1.76% in early afternoon trading Wednesday. Swiss-listed shares also fell Wednesday, down 1.21% at the market close in Zurich.
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