{"id":3530,"date":"2023-10-20T05:27:20","date_gmt":"2023-10-20T05:27:20","guid":{"rendered":"https:\/\/zoominfinancial.com\/business\/nestle-is-closing-an-infant-formula-factory-as-chinas-birth-rate-plunges\/"},"modified":"2023-10-20T05:27:20","modified_gmt":"2023-10-20T05:27:20","slug":"nestle-is-closing-an-infant-formula-factory-as-chinas-birth-rate-plunges","status":"publish","type":"post","link":"https:\/\/zoominfinancial.com\/?p=3530","title":{"rendered":"Nestl\u00e9 is closing an infant formula factory as China\u2019s birth rate plunges"},"content":{"rendered":"
\n

\n Nestl\u00e9 plans to close one of its plants that make baby formula, citing a sharp drop in China\u2019s birth rate, in a fresh example of the far-reaching implications of the country\u2019s demographic crisis.\n <\/p>\n

\n The world\u2019s largest food company said Wednesday that it would shut its Wyeth Nutrition infant formula factory in Askeaton, a town in Ireland, by the first quarter of 2026 unless a buyer could be found. The plant makes infant formula products exclusively for export to markets in Asia.\n <\/p>\n

\n The announcement <\/strong>provides new insight into how the decline in China\u2019s population could affect Western firms that sell goods and services in the country. An aging population is already weighing on China\u2019s economic growth, and policymakers are worried that a shrinking workforce could threaten economic and social stability in the long term.\n <\/p>\n

\n \u201cThe number of newborn babies in China has declined sharply from some 18 million per year in 2016 to fewer than 9 million projected in 2023,\u201d Nestl\u00e9 said in a statement. \u201cThe market, which had previously been reliant on imported infant formula products, is also seeing rapid growth in locally produced products.\u201d\n <\/p>\n

\n A Nestl\u00e9 research and development center at the plant will be closed a year earlier. Work at both facilities will be shifted to existing factories in China and Switzerland.\n <\/p>\n

\n The planned <\/strong>closures place 542 jobs at risk and Nestl\u00e9 said it would begin a \u201cconsultation process\u201d with employees. \u201cIn parallel, during this consultation we remain open to approaches from a credible buyer,\u201d the company added.\n <\/p>\n

\n Nestl\u00e9\u2019s worldwide sales have been hurt this year by rising prices for its products, which include Nescaf\u00e9 coffee and KitKat chocolate bars.\n <\/p>\n

\n Sales growth in the first nine months of the year, reported by the company Thursday, missed analysts\u2019 expectations, sending its shares more than 2% down.\n <\/p>\n

\n Sales grew 7.8% compared with a year prior on a like-for-like or \u201corganic\u201d basis, which removes the impact of acquisitions, exchange rate movements and other changes. <\/strong>Prices rose 8.4%.\n <\/p>\n

\n \u201c[Sales] growth was driven by pricing as we continued to navigate historic inflation levels,\u201d CEO Mark Schneider said in a statement.\n <\/p>\n

\n On a simpler measure, total sales fell 0.4% to 68.8 billion Swiss francs ($76.6 billion).\n <\/p>\n

\n Separately, Nestl\u00e9 said it had temporarily shut a factory in Israel as a \u201cprecaution\u201d but that the plant was now operating again.\n <\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Nestl\u00e9 plans to close one of its plants that make baby formula, citing a sharp drop in China\u2019s birth rate, in a…<\/p>\n","protected":false},"author":1,"featured_media":3531,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-3530","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"\nNestl\u00e9 is closing an infant formula factory as China\u2019s birth rate plunges | ZoomInFinancial<\/title>\n<meta name=\"description\" content=\"Nestl\u00e9 plans to close one of its plants that make baby formula, citing a sharp drop in China\u2019s birth rate, in a fresh example of the far-reaching\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/zoominfinancial.com\/?p=3530\" 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