Nov 10 (Reuters) - M&M's and Snickers maker Mars on Tuesday announced plans to invest about $1.4 billion in US manufacturing in 2027 to accelerate growth and innovation across its portfolio of snacks and food brands.
The packaged food industry has been contending with sluggish consumer spending and a shift toward healthier diets, which has weighed on demand for chocolates and snacks.
Here are more details:
• Virginia-based Mars said these investments would be used to modernize manufacturing at facilities, strengthening its supply chain and enhancing operations
• Mars manufactures about 94% of the products it sells in the US domestically, according to CFO Claus Aagaard. The company said its commitment builds on more than $9 billion invested in its US operations since 2017
• Following the $36 billion Kellanova acquisition last year, Mars added 15 new factories and said it plans further investments to modernize its US manufacturing network
• Some of Mars' recent US investments went toward expanding the production of Trü Frü, the premium fruit-based snacks brand it acquired in 2023. Others were for improving efficiency and energy performance at its manufacturing sites and modernizing its pet food operations with advanced processing
• Mars said it employs 80,000 associates across its US manufacturing, office and veterinary operations
(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Jonathan Ananda)