P&G to plough US$50 million in Russian plants in 2018

P&G to plough US$50 million in Russian plants in 2018

The world's largest consumer goods maker Procter & Gamble plans to invest a further 3 billion roubles (US$48.5 million) in its Russian production facilities this year, a senior company executive overseeing the Russian market told Reuters.

FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Procter &amp
FILE PHOTO: The logo of Dow Jones Industrial Average stock market index listed company Procter & Gamble (PG) is seen on a tube of toothpaste in Los Angeles, California, United States, April 25, 2016. REUTERS/Lucy Nicholson/File Photo

MOSCOW: The world's largest consumer goods maker Procter & Gamble plans to invest a further 3 billion roubles (US$48.5 million) in its Russian production facilities this year, a senior company executive overseeing the Russian market told Reuters.

"We are committed to the market, we are committed to the Russian consumers. Until today we have invested roughly US$800 million and counting," Sotirios Marinidis, general manager for Eastern Europe and Central Asia, said in a recent interview.

The lion share of the upcoming investments would be in a new distribution center at the Novomoskovsk plant, south of Moscow, to improve supply chain efficiency, Marinidis said.

The U.S.-based maker of Tide detergent also plans to modernize production lines at its Gillette plant in St Petersburg and expand its capacity by 25 percent, he said.

In 2016-2017, the company invested a combined 6 billion roubles in the two plants, increasing the share of local production and reducing waste.

(Reporting by Olesya Astakhova; Writing by Maria Kiselyova and Gabrielle TĂ©trault-Farber; editing by Vladimir Soldatkin)

Source: Reuters

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