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On the heels of posting its second-quarter results, Colgate-Palmolive announced that it will invest $1.65 million in toothpaste manufacturing in Argentina. The decision was announced during a meeting between Bradley Farr, vice president and general manager, Colgate-Southern Cone Latin America, and Argentina’s president, Néstor Kirchner. Argentina’s economy minister, Miguel Peirano, announced that “the investments represent an increase of 70% in the Argentinean production” and replace imports from Brazil.
According to Colgate’s second-quarter financials, published on July 25, Latin American sales grew 16% in the quarter (see Stock Watch on page 65), with every market in the region contributing to the strong volume gains.
Beiersdorf announced that its sales increased 9.2% in the first half of 2007, compared with the same period last year. In Latin America, sales were up 28.1%, driven by important growth in Brazil, Mexico, Venezuela and Argentina. Nivea brand deodorant, skin care and bath products achieved the best sales growth in the region. Forecasting the second half of 2007, the company expects a moderate expansion in major Western European markets, and significant growth is expected to continue in Asia, Eastern Europe and Latin America.
“Beiersdorf has attractive growth opportunities through strong positioning in growth categories and huge potential in developing markets,” the German company stated in a press release.