According to Ferrero’s press release, the company officially launched its Innovation Center in Singapore: the company’s first Asian innovation center. The center is designed to strengthen Ferrero’s position by furthering innovation in the areas of health and nutrition, new raw materials, product research and development and consumer insight.
Ferrero’s decision to open the Innovation Center in Singapore is “motivated by its strategic location in Asia and its prominent role within the global scientific research community, which includes among others, the Agency for Science, Technology and Research (A*STAR) and relevant universities” according to the company’s press release. This offers Ferrero the opportunity to experiment novel technologies and new products in a key market.
Ferrero is global chocolate confectionery company founded in the town of Alba in Piedmont, Italy in 1946. Its international headquarter is in Luxembourg and currently has 41,000 employees across 53 countries with 22 production plants around the world. Some of Ferrero’s well known brands include Nutella, Ferrero Rocher, Raffaello, Tic Tac and the Kinder line products. In 2016, the company earned a revenue of approximately US$ 10.63 billion ( Euro 9.3 billion).