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FINANCIAL NEWS
US Mars in USD60m Saudi deal
16 Feb 2012
(MENAFN) Mars Incorporated, the global food giant, said that it would invest USD60 million to construct a plant at Saudi’s King Abdullah Economic City (KAEC) in Rabigh, reported Arab News.
The firm, which annual sales surpass USD30 billion, added that the factory would produce the highly popular Galaxy and Galaxy Jewels assorted chocolates.
It also said that the facility would launch operations in 2014, and at the beginning it would hire 60 associates, while another 300-400 associates would be recruited once the plant is fully operational.
It is worth noting that Mars Saudi Arabia has made an initial investment of USD60 million, while an extra investment of USD150 million will be added over the next 10 years.
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