Mars to spend $1 billion on tech-focused hiring, AI, and other digital initiatives to bolster its pet food division [Yahoo! Finance]
NESTLE S.A S/ADR (NSRGY)
NASDAQ:AMEX Investor Relations:
nestle.com/investors
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Source: Yahoo! Finance
300 more tech workers and enhance its digital chops, including adding more artificial intelligence. The company says that 70% of the financial commitment will go to hiring, upskilling, and bringing in third-party vendors, including consultants, to make its dog and cat food unit more digitally oriented. The spending commitment is a "significant acceleration" to what the division had previously budgeted for all things digital, according to Mars, which declined to provide any further details. The remaining 30% of the funds are earmarked for spending on generative AI, data management, e-commerce, and other emerging technologies. Mars is also using some to expand the fleet of electric vehicles it uses from Swedish startup Einride, with plans to put 300 trucks on the road in Europe by 2025. With more than 130,000 associates already working for Mars's pet care division globally, the hiring figure is relatively small. But Mars says that adding more data engineers, data architects, and d
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