HONG KONG — Nissin Foods Co. Ltd. said it plans to invest approximately RMB 180 million ($26.2 million) to build a new production plant in Zhuhai, the People’s Republic of China. The new facility will be used to manufacture packaging materials to accommodate business growth and development in China and Hong Kong.
Construction on the facility is expected to be finished by 2021.
“Since becoming listed in 2017, we have been actively and at the same time cautiously looking for opportunities to invest in appropriate facilities and partnership to enhance production efficiency and support our diversified product portfolio,” said Kiyotaka Ando, executive director, chairman of the board and chief executive officer of Nissin Foods. “The acquisition and the construction of the new plant will enable the Group to better mitigate production costs and reap greater synergies from its production facilities operating in concert. Looking ahead, we will continue to examine M&A opportunities that promise to boost our strength in enlarging market share and delivering considerable growth, and ultimately, enable us to bring sustainable returns to shareholders.”
Nissin Foods is a Japanese food company that specializes in the manufacture and development of instant noodles.