View source for Nestle Sells Yinlu Business In China Amid Portfolio Cleanup

<br>ZURICH, Nov 25 (Reuters) - Nestle has agreed to sell its Yinlu peanut milk and canned rice porridge businesses in China to Food Wise Co Ltd, a company controlled by the family of Yinlu founder Chen Qingshui, the world's largest packaged food group said on Wednesday.<br> <br>It gave no financial terms for  [https://www.kynghidongduong.vn/blog/kinh-nghiem-du-lich-tour-phuong-hoang-co-tran-tu-a-den-z.html phượng hoàng cổ trấn] the deal, which it expected to close by the end of this year.<br> <br>Nestle has been ditching underperformers and put North American waters and Yinlu under strategic review.<br> <br>The deal covers all of Yinlu's operations, including its five factories in Fujian, Anhui, Hubei,  [https://www.kynghidongduong.vn/blog/kinh-nghiem-du-lich-tour-phuong-hoang-co-tran-tu-a-den-z.html kynghidongduong.vn] Shandong and Sichuan. Yinlu brands had sales of 700 million Swiss francs ($768 million) in 2019.<br> <br>The transaction lets Nestle focus on key categories in China: infant nutrition, confectionery, coffee, culinary, dairy and petcare, it said, adding it remained fully committed to the greater China region, its second-largest market with sales of nearly 7 billion [http://browse.deviantart.com/?q=Swiss%20francs Swiss francs] in 2019.<br> <br>As part of the transaction, Nestle will retain its ready-to-drink (RTD) Nescafe coffee business and distribute the products across most of the greater China region.<br> <br>Yinlu will continue to manufacture the Nescafe RTD products for Nestle and distribute the products in several provinces.<br><br>Yinlu will continue to manufacture and sell Nestea products under licence from Nestle.<br> <br>($1 = 0.9114 Swiss francs) (Reporting by Michael Shields; Editing by Riham Alkousaa and Stephen Coates)<br>