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Nestle Plans to Invest $1.4 Billion in Africa, Buy Local

Nestle SA, the world’s biggest food company, said it plans to spend 1.2 billion Swiss francs ($1.4 billion) by 2015 to expand production capacity in Africa, where sales growth is outpacing that of Europe and North America.

“We are very bullish about the African continent,” Frits van Dijk, executive vice-president who heads the company’s business in Asia, Africa, Oceania and the Middle East, said in an interview in Nairobi, Kenya, today. “The continent will soon have a billion people, and while admittedly income levels are very low, they are rising” alongside economic growth.