Nestlé SA said on Friday it had agreed to sell its China water business to Tsingtao Brewery Group as part of a strategic cooperation agreement with the Chinese beer maker.
The transaction comprises of the transfer of local brand “Dashan Yunnan Shan Quan” and three factories located in Kunming, Shanghai and Tianjin, Nestle said. It also said Tsingtao Brewery will produce and market the Nestle “Pure Life” brand in China as part of a licensing agreement between the companies.
The two companies did not disclose the financial details of the deal. China is the second largest market for the Nestlé Group.
Source: Reuters.com