US firm Mars has announced that it is making an investment of R$1 billion ($250 million) in Brazil by 2020, according to a report in O Globo. The announcement was made following a meeting between the company and representatives of the state of Sao Paulo.
Sao Paulo will ultimately be the main focus of the company’s spend, with a total of R$750 million ($190 million) to be invested in the state by 2018. New administrative units in the city of Sao Paulo and the expansion of plants in Mogi Mirim, Descalvado and Guararema are among the investments announced by the company.
The multinational has also allocated $R140 million ($35 million) to build a new plant in Ponta Grossa, in the state of Parana, whilst the remainder will be divided among other projects in the country.
According to O Globo, Brazil is an important part of Mars’s overall investment strategy, with the country among the firm’s largest markets for two of its main products: pet food and chocolates.
Source: O Globo / Comercio do Jahu