BUENOS AIRES – U.S. consumer packaged goods giant Procter & Gamble plans to invest 557 million pesos (about $120 million) in Argentina to substitute imports, officials said.

Executives of the Cincinnati, Ohio-based company presented their investment plans during a meeting with Argentine President Cristina Fernandez in Buenos Aires on Wednesday, the Industry Ministry said in a statement.

P&G’s goal is to substitute imports of cleaning products, personal hygiene products and disposable diapers totaling $100 million and increase exports by $50 million, the ministry said.

The company plans to expand the production capacity of its plants in Argentina and add new product lines, creating about 400 new jobs.

P&G, which has operated in Argentina since 1991, has three plants and two distribution centers that serve the domestic market and markets in the region.

The Procter & Gamble Company, which has nearly $84 billion in revenues, sells products under the Gillette, Pampers, Tide and Crest brands, among others. EFE