Switzerland: Nestle nears agreement to construct plant in Cuba

Swiss based food giant Nestle has revealed that it is close to reach a deal with Cuba to form a new venture to build a factory in the country, according to a report in Fox Business.

The new $50 to $60 million factory is set to produce coffee, biscuits and cooking products, employing around 300 people.

"The idea is to create a new joint venture to produce and distribute these products mainly for the Cuban market but also with the idea of exporting some products," Nestle's EVP for Zone Americas Laurent Freixe said.

Mr Freixe also mentioned coffee as an "ideal product for export" thanks to the success enjoyed by a limited edition Cuban coffee released for Nestle's Nespresso coffee capsule brand last year, described as "the first Cuban coffee sold in the United States in more than 50 years".

The factory is set to start operations in the second half of 2019 and Nestle would have a 51% share in the company.

Source: Fox Business