Food and agriculture group Cargill Inc could invest up to $1 billion in Latin America over the next five years, its chief executive said, and will maintain its operations in Venezuela despite challenges brought on by an economic crisis.
Argentina, Brazil, Colombia and Chile offer favorable conditions for private investors, Chief Executive David MacLennan said in an interview late on Tuesday, though he declined to provide details of possible purchases by the company in coming years.
U.S.-based Cargill recently bought Colombian poultry processors Pollos El Bucanero and Campollo and expects to invest between $200 and $300 million in the Andean country in the next two years, MacLennan said, mostly to improve efficiency and expand the capacity of two processing plants.
“We don’t have exact figures at this time, but I will say that if we have $200 or $300 million in Colombia, in this whole area in five years we could easily reach $1 billion,” MacLennan said during a visit to Bogota.
Colombia’s political stability and geographic position are attractive for investors, said MacLennan, who met with President Ivan Duque on Tuesday.
Despite a deep economic and political crisis in Venezuela, Cargill will continue to produce flour, pasta and cooking oil there, MacLennan said.
The company employs some 1,600 people in the deeply polarized country, where hunger, shortages of medical supplies and blackouts have spooked many international investors.
“We will not surrender, it’s a very important country for us,” said MacLennan. “We are very worried for our employees and their security. I think of them every day and hope for a better future.”
By Luis Jaime Acosta
Source: Reuters
A new wave of brands is emerging that promotes indulgence and rejects the notion of sacrifice. Low-maintenance “hangover” beauty products are designed to address the effects of late nights and partying without judgment or hassle, and even include cosmetics that are formulated in a way that means you can fall asleep in your makeup without feeling guilty.
The pilot will allow the company to scale circular packaging in about 18 markets over the next three years, an approach that jumps on the success of similar efforts in the company’s Indonesia ecoSPIRITS program, which launched in 2022 and is active in 38 bars.
Unilever’s focus on purpose across its brands has been a source of criticism from some of its investors. Its new CEO Hein Schumacher says the company now recognises there are some brands where the concept is simply not relevant.
