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FINANCIAL NEWS
Proctor & Gamble plans $176m factory in Egypt
01 Jul 2010
(MENAFN) A senior official at Procter & Gamble (P&G) said that the company is planning to build a $176 million diaper factory in Egypt as it seeks to double its investments in the most populous Arab country in the next few years, Reuters reported
He pointed out that P&G will complete the construction of the factory, its second in Egypt, in 2020, it said. Forty per cent of its production will be sold locally and the rest exported to Africa, Asia and Europe.
Analysts say consumer demand in Egypt has held up relatively well despite a global economic slowdown, with the economy growing by annual 5.8 percent in the first quarter of 2010.
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