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Nestle to invest $154 million in new coffee processing plant in Mexico

Reuters
FILE PHOTO: A Nestle logo is pictured on a coffee factory in Orbe, Switzerland May 31, 2018. REUTERS/Denis Balibouse (Reuters)

MEXICO CITY (Reuters) - Packaged food company Nestle <NESN.S> said on Tuesday that it will invest $154 million(121.81 million pounds) next year to launch a new coffee processing plant in the Mexican state of Veracruz.

The plant will generate 250 jobs at first and 1,200 when it reaches full capacity, Nestle said. The facility is expected to process 20,000 tonnes of coffee per year.

Mexican President Andres Manuel Lopez Obrador, who took office this month, touted the investment in a video message on Tuesday with Fausto Costa, executive president of Nestle Mexico.

(Reporting by Mexico City Newsroom; Editing by Cynthia Osterman)