London CNN —Nestlé plans to close a plant in Ireland that makes baby formula, citing a sharp drop in China’s birth rate, in a fresh example of the far-reaching implications of China’s demographic crisis.
The world’s 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.
“[Sales] growth was driven by pricing as we continued to navigate historic inflation levels,” CEO Mark Schneider said in a statement.
Separately, Nestlé said it had temporarily shut a factory in Israel as a “precaution” but that the plant was now operating again.
Persons:
London CNN —, ” Nestlé, Nestlé, Mark Schneider
Organizations:
London CNN
Locations:
Ireland, Askeaton, Asia, China, Switzerland, Israel