Hershey to invest $311.8m in Malaysia for manufacturing plant
BANGALORE (REUTERS) - Hershey Co, North America's biggest chocolate maker, said it would invest US$250 million (S$311.8 million) to build a manufacturing plant in Malaysia, its biggest investment in Asia.
The plant in Johor, near Singapore, will be constructed by early 2015 and will produce Hershey's Kisses, Ice Breakers, Reese's and Milk Chocolate bars.
The company, which plans to focus on the fast-growing market of China, said it expects international sales of about US$1 billion by the end of 2014.
Last year, the company had forecast international sales to be 15 per cent, or about US$975 million, of 2012 sales of about US$6.5 billion. It is targeting US$10 billion in annual revenue by 2017.