U.S.-based Colgate-Palmolive is in Myanmar this week to discuss possible investment in the country, according to the Directorate of Investment and Company Administration (DICA).
The company’s chief compliance counsel, John Smith, and his delegation met with DICA officials on Wednesday afternoon.
Colgate-Palmolive is an American multinational consumer products company that specializes in household, health care and personal products such as soaps, detergents, and toothpaste. Of its more than 40 brand names, two of the most well known are Mennen deodorant and Softsoap.
The New York-based company, founded in 1806, sells its products in about 200 countries throughout the world. It has factories in about 70 countries, including China and Thailand.
In 2012, Colgate-Palmolive earned more than US$17 billion (Ks 16.49 trillion) in sales with a net income of more than $2 billion.
International companies have been entering Myanmar since last year to expand investment. US-based Coca Cola, Pepsi and Unilever have already constructed factories, while Nestle is also planning to construct a factory to sell its food products, sources say.
Source: ELEVEN Myanmar