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The plant, which will be located in Salinas Victoria on the outskirts of Monterrey, will manufacture beauty and personal care products, Unilever said.
The investment will bring in 1,200 new direct and indirect jobs, the company added.
Unilever already operates four plants in the country, which is a key center for exports to other nations, the company said. The newest plant is set to open in 2024, Unilever said.
In recent months, major producers from Mattel Inc (NASDAQ:MAT) to BMW have opted to invest in Mexico as part of a boom in “nearshoring,” or bringing supply chains closer to their final destination.