Burger King to invest in Brazil
Date added: 16th June, 2011 at 10:48
(view all articles from June, 2011)
Categories: Economy
Fast food retailer Burger King is to make an investment in Brazil, it has been reported.
Brazilian news provider Valor Economico said the company is planning to spend $570 million (£353 million) expanding its operations in the country.
The firm released a statement yesterday (June 15th) naming Vinci Partners as its master franchisee in the nation.
"We believe there is tremendous opportunity to grow the Burger King brand in Brazil," president of the enteprise's Latin America and Caribbean arm Jose Tomas stated.
At the moment, the business runs 108 restaurants in the South American nation and the news source reported that another 900 outlets are to be opened over the next five years.
Additionally, 25,000 new employees will be taken on, the financial newspaper stated.
In the 2009 fiscal year, Burger King opened 360 new restaurants, 90 per cent of which were based outside of the US and Canada.
This reveals a significantly faster rate of development compared with the previous 12 months, with 2009 seeing 28 per cent more branches launched than in 2008.
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