NSRGY - Nestle unloads Yinlu business in China

Nestle SA (NSRGY) says it agreed to sell its Yinlu peanut-milk and canned-rice-porridge businesses in China to Food Wise Co. for an undisclosed amount.Nestle acquired a 60% stake in Yinlu in 2011. Under the agreement, Nestle unit Yinlu's five factories located in the Chinese cities of Fujian, Anhui, Hubei, Shandong and Sichuan will be sold to Food Wise. As part of the transaction, Nestlé will retain its ready-to-drink Nescafé coffee business and distribute the products across most of the Greater China Region. Nescafé is said to be a strategic growth driver for Nestlé, and the company continues to invest to further strengthen the brand across all channels in the marketFinancial terms were not disclosed. The deal should close by the end of the year.Looking ahead, Nestle says it is is fully committed to the Greater China Region, which it notes offers significant growth opportunities for the company. Other recent MA

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Nestle unloads Yinlu business in China