Italy’s Ferrero SpA has signed a 5-year contract with palm oil producer New Britain Palm Oil Ltd. The main thing about the agreement is that the world’s leading company, which includes Kinder and Nutella, will now use the veggie product which will be segregated according to high sustainability standards, without damaging the nature resources.
The new plant will be constructed on Papua New Guinea and launched next year. The companies didn’t want to share the details of their deal, but Ferrero said the palm oil it planned to get from New Britain would be enough to cover a quarter of its palm oil needs.