China: Ferrero to open first factory
Ferrero SpA, the world’s fourth largest chocolate manufacturer, has announced that it is to begin construction of its first factory in China, to be completed in the first half of 2015.
Among the major confectionery companies that currently dominate the Chinese chocolate market – Mars, Nestle, Ferrero and local brand Le Conté - Ferrero is the only one without a facility in the country.
The construction of the factory is being carried out by China Haisum Engineering in the Xiaoshan District, Hangzhou City, Zhejiang Province, across 97,948 m2 of land, at a total cost of $800 million. Annual production from the new facility is expected to reach 30,000 metric tonnes.
Ferrero has doubled its sales of chocolate in China over the past five years to reach $190 million in retail value sales in 2013.
Source: Week in China / Confectionery News / China Retail News / Wall St Journal