Sao Paulo - The Brazilian unit of McDonald's Corp said it plans to invest 173 million reais ($157 million) in 1998 to open about 95 new restaurants across the country.
The fast food chain, which already has 293 restaurants and 176 food stands in Brazil, said in a statement it plans to invest about $500 million in the next two years to achieve a goal of 620 restaurants and 350 food stands in Brazil by 2000.
McDonald's, which has been operating in Brazil for the last 19 years, also said it will inaugurate by October 1998 a "Food Town" in the interior of Sao Paulo, which would bring together in one place all its factories for bread and hamburgers.
The company will invest $40 million in the center.
McDonald's Brazil unit, which serves about 350 million meals a year, earned some 827 million reais ($752 million) in net sales in 1997, up from 691 million in the prior year ($628 million).
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