Nestle S.A. is considering a potential sale of its controlling stake in two Chinese brands, according to Bloomberg.
The brands, Hsu Fu Chi, a local confectionery brand, and Yinlu, a beverage producer, were acquired by Nestle in 2011 as part of the Swiss company’s effort to expand in China. At that time, Nestle paid approximately $1.7 billion for a 60% stake in Hsu Fu Chi and $1.5 billion for a 50% interest in Yinlu (Nestle eventually acquired all of Yinlu in 2018).
Sources have told Bloomberg that Nestle now wants to sell its controlling stake in the two companies for more than $1 billion.
Nestle has shed numerous businesses since Ulf Mark Schneider took over as chief executive officer in 2017, including the company’s 2018 sale of its U.S. confectionery business to Ferrero Group.
By Eric Schroeder
Source: Food Business News
Godiva has announced the upcoming departure of CEO Annie Young-Scrivner and the appointment of Nurtac Afridi as her interim replacement. According to Godiva, Young-Scrivner will depart at the end of […]
Rémy Cointreau has acquired a majority stake in champagne producer, Champagne J. de Telmont, for an undisclosed sum. Founded in 1912, the champagne house is located in Damery, in the […]
A European proposal to ban the use of names such as “burger” and “sausage,” as well as descriptive terms like “yogurt-style” and “cheese alternative,” from being used on vegetarian and […]