Swiss food and drinks producer Nestlé plans to invest US$154 million in a coffee-processing plant in Veracruz, company officials announced at a meeting with president Andres Manuel Lopez Obrador.
The new facility will feature next-generation technology to reduce the amount of water and energy to process 20,000 tons of beans a year.
The project will initially create 250 direct jobs with the potential to increase to 1,200 when fully operational, said Fausto Costa, executive president of Nestlé Mexico
Nestlé said in a statement that it annually purchases roughly US$94 million in coffee beans from more than 10,000 growers in Veracruz.
This is the first major investment announced by a foreign company since Lopez Obrador took office on December 1st.