China encourages Egyptian firms to participate in CIIE 2024    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    US business activity drops in April    Egypt's FRA subsidiaries provide EGP 69.5b in Jan '24    Swiss freeze on Russian assets dwindles to $6.36b in '23    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    European stocks reach week-high levels    China obtains banned Nvidia AI chips through resellers    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Russia to focus on multipolar world, business dialogues with key partners at SPIEF 2024    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egypt explores new Chinese investment opportunities for New Alamein's planned free zone    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Health Ministry collaborates with ECS to boost medical tourism, global outreach    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



German candy maker Haribo goes America
Deutsche Welle Published in Daily News Egypt on 24 - 03 - 2017

The confectionary company, known for its popular "Gold Bear" gummy candies, is set to build its first manufacturing site in the US – a move that would avoid a likely Trump import tax hitting Haribo's business.Bonn, Germany-based Haribo group announced on Thursday that it would build a new confectionary plant at a site in Kenosha County, Wisconsin, creating about 400 jobs.
One of the world's largest candy companies, Haribo said it was in talks with local officials to acquire a site near the village of Pleasant Prairie, with the total cost of the investment expected to be about $240 million.
Haribo chief executive (CEO) Hans-Guido Riegel described the decision as being of "great importance" to the candy maker's US business. "HARIBO of America is the fastest growing sugar confectionery business in the USA, hence the strategic importance of our manufacturing facility to commence production in 2020," he said in a statement.
According to the executive vice president of Haribo of America, Wes Saber, the new plant will be "one of the largest facilities in the confectionery industry."
Going USA in times of Trump
Officials with the Wisconsin Economic Development Corporation (WEDC) said the state would provide a package of tax incentives. The full sum of the subsidies, however, would not be made public until a vote by the board of the trade body.
Wisconsin Governor Scott Walker called the investment "a great fit with many other iconic companies" in Wisconsin.
"The state's business-friendly climate and strong fiscal management, along with our dedicated workforce and reliable infrastructure, are among the many reasons [that] Wisconsin was the right choice for this facility," he said in a statement.
Haribo said it had already been in the process of selecting a location for a US manufacturing facility for several years. But the process may have been speeded up by threats from the Trump administration to impose a so-called border tax of up to 20 percent on all imports under the President's "America First" economic policy.
uhe/kd (Reuters. Haribo.de)

Clic here to read the story from its source.