June 15/Vladimir, Russia/Prime-Tass English-language Business Newswire -- Switzerland-based food and beverage company Nestle signed an agreement with the government of Russia's Vladimir region to build a facility for the production of culinary products under the Maggi brand in the region's Vyaznikovsky district.

Nestle plans to invest 60 million Swiss francs, or about 1.6 billion rubles [roughly $51 million], in the first stage of the project, Stefan de Loecker, CEO of Nestle Rossiya, said while presenting the project. The facility is expected to produce over 100 items under the Maggi brand, which includes many popular sauces and seasonings.