Pretoria - The South African economy is in for a sizeable investment, with Nestle SA set to plough R505 million into constructing two new factories.
Nestle South Africa announced this on Wednesday after it acquired a soya processing company in Potchefstroom. A total of 350 permanent jobs will be created from the investment.
"We will continue to invest in South Africa in line with our long-term commitment to business sustainability and economic development," Sullivan O'Carroll, Chairperson and Managing Director of Nestle South Africa, said on Wednesday.
R244 million is being invested into the construction of a 16 000 square metre factory which will create 70 permanent jobs and at least 100 indirect ones in the construction phase. R155 million will be invested into the construction of another factory in Babelegi, Pretoria, which will create 160 permanent jobs and at least 200 indirect jobs in its construction phase.
The acquisition and upgrade of the Potchefstroom company will absorb 120 employees.
"Local business will also benefit from this, as most raw materials required for the manufacturing of our products will be sourced locally, thus creating a market for local business and emerging farmers," said O'Carroll.
