NSRGY - Nestle pulls investments out of Russia announces plant-based product facility in Arizona

Nestle (OTCPK:NSRGY +5.2%) suspended all capital investment in Russia following the invasion of Ukraine to follow in the path of other consumer product giant. In a separate announcement in the U.S., Nestle (OTCPK:NSRGY) said it will build a $675M plant near Phoenix to produce beverages including oat milk coffee creamers. The new plant will open in 2024 to help meet increasing consumer demand for plant-based products. Nestle USA said it has spent nearly $3B since 2020 to expand its existing factories and build new ones. The Glendale, Arizona plant will join its 14 food and beverage production facilities in the United States. Shares of Nestle (OTCPK:NSRGY) are still down 12% on a year-to-date basis despite today's gain.

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Nestle pulls investments out of Russia, announces plant-based product facility in Arizona