By Ana Isabel Martinez
MEXICO CITY (Reuters) -Consumer goods company Unilever (LON: ULVR ) said on Friday that it will invest $30 billion pesos ($1.5 billion) in Mexico between 2025 and 2028 to increase its production capacity.
The investment, which was announced at Mexican President Claudia Sheinbaum’s daily morning press conference, will generate 1,200 new jobs, according to a company executive.
It includes 8 billion pesos ($407.4 million) for a new factory in the northern Mexican state of Nuevo Leon, which will specialize in beauty products and personal care.
Unilever’s announcement comes as Sheinbaum is making a major push for her "Plan Mexico" initiative to increase investment in Mexico by domestic and foreign companies.
Walmart (NYSE: WMT )’s Mexico unit and Netflix (NASDAQ: NFLX ) have also announced major investments in Mexico in recent months.
($1 = 19.6350 Mexican pesos)