Former State Department official Christian Wheaton discusses whether parts of Europe are losing interest in the Russia-Ukraine conflict and how long that could last at Varney & Co.
Nestlé announced on Monday that it would invest $42.88 million in a new manufacturing facility in western Ukraine amid Ukraine’s ongoing war with Russia.
The announcement makes Nestle one of the few international companies to make new investments in Ukraine since Moscow invaded the Eastern European nation in late February.
“This is an important step for Nestlé at a very difficult time for the country,” Alessandro Zanelli, chief executive of Nestlé’s Southeast European market, said in a statement.
“We aim to create a food and culinary center, provide additional jobs and meet the needs of Ukrainians and all European citizens for high-quality products,” the statement said.
Despite White House intervention, infant formula shortages worsen.
Nestlé announced on Monday that it would invest $42.88 million in a new manufacturing facility in western Ukraine amid Ukraine’s ongoing war with Russia. (Reuters/Denis Balibouse/File Photo/Reuters Photos)
Nestlé has about 5,800 employees in Ukraine and plans to add 1,500 new jobs at the new production facility in Smolikhiv, Volyn region.
The new Nestlé factory will help to increase the production of cold sauces, condiments, soups and fast food, which will supply the domestic market and European markets.
The announcement makes Nestle one of the few international companies to make new investments in Ukraine since Moscow invaded the Eastern European nation in late February. (Getty Images/Getty Images)
Russia’s invasion has hurt Ukraine’s economy, which is expected to shrink by 35 percent this year, according to the International Monetary Fund.
Power outages have spread across Ukraine in recent weeks as Russia continues to attack the country’s power facilities.
NESTLÉ STOPS SALE OF KITKAT, OTHER PRODUCTS IN RUSSIA AS WAR INCREASES IN UKRAINE.
Nestlé has about 5,800 employees in Ukraine and plans to add 1,500 new jobs at the new production facility in Smolikhiv, Volyn region. (Getty Images/Getty Images)
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In March, Nestlé stopped selling “the vast majority” of its products in Russia. These products include the Nestlé KitKat and Nesquik brands.
“We are discontinuing a large portion of our pre-war products in Russia, including categories such as pet food, coffee and confectionery,” a Nestlé spokesperson told FOX Business at the time, adding that the company is only “not for profit , but focus on providing essential food such as baby food and medical/hospital nutrition”.
Reuters contributed to this report.