2023-10-20 06:25:49
[Zhang Cuilan/Comprehensive Foreign News]Global food giant Nestlé recently announced that it plans to close one of its factories in Ireland that produces Wyeth infant formula. The reason is that China’s birth rate has dropped sharply and the market has shrunk significantly.
According to a CNN report on October 19, Nestlé issued a statement on the 18th stating that if it cannot find a new buyer in the market, the company will close its store in the Irish town of Askey before the first quarter of 2026. Wyeth infant formula factory in Dayton.
The factory produces infant formula products specifically for export to the Asian market. The factory’s Nestlé research and development center will be closed one year ahead of schedule. Work at both facilities will be moved to existing plants in China and Switzerland.
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Once closed, 542 people at the milk powder factory will lose their jobs. Nestlé said it would start a “consultation process” with employees. The company also said it would still be looking for a reliable buyer during this period.
Nestlé’s announcement highlights the impact of China’s shrinking population on Western companies selling goods and services in China. Reports indicate that China’s aging population has put pressure on economic growth, and authorities are concerned that a shrinking labor force may threaten long-term economic and social stability.
Data show that the number of newborns in China has dropped significantly from regarding 18 million per year in 2016, and the total number of newborns is expected to be less than 9 million in 2023.
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