Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

Nestle says a production plant was temporarily shut down in Israel

Published 10/19/2023, 02:21 AM
Updated 10/19/2023, 05:56 AM
© Reuters. FILE PHOTO: Nestle's logo is seen at a plant in Konolfingen, Switzerland, Sept. 28, 2020. REUTERS/Arnd Wiegmann/File Photo

By Richa Naidu

LONDON (Reuters) - Nestle said it "temporarily shut down" of one of its production plants in Israel as a "precaution", becoming the first consumer products giant to announce a response to the conflict there.

Several global companies have temporarily shut some operations in Israel and asked their employees to work from home after the country came under a surprise attack by Palestinian Islamist group Hamas earlier this month.

The plant "was shut for a few days," Nestle said, declining to provide further details.

"Our focus is on keeping our colleagues and employees safe. I have no comment on the development of the business," Chief Executive Mark Schneider said on an earnings call with journalists. "We've taken necessary precautions."

© Reuters. FILE PHOTO: Nestle's logo is seen at a plant in Konolfingen, Switzerland, Sept. 28, 2020. REUTERS/Arnd Wiegmann/File Photo

Other multinational packaged goods companies have so far remained silent on the conflict, even as retail, healthcare and oil companies have rushed to voice their positions.

The silence follows criticism of the packaged goods industry for choosing to keep one foot in Russia while continuing to sell "essential" products such as diapers and infant formula there.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.