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November 25, 2020: 12:00 AM EST
The company will sell its Yinlu peanut milk and canned rice porridge businesses in China to Food Wise Co., Ltd. The deal includes all of Yinlu's operations, including its five factories in Fujian, Anhui, Hubei, Shandong and Sichuan. Yinlu brands had sales of $767 million in 2019. The transaction allows Nestlé to focus on the infant nutrition, confectionery, coffee, culinary, dairy, and pet care in China. Nestlé will retain its ready-to-drink (RTD) Nescafé coffee business and distribute the products across most of the Greater China Region. Yinlu will continue to manufacture the Nescafé RTD products for Nestlé and will distribute the products in several provinces. Yinlu will continue to manufacture and sell Nestea products under license from Nestlé.
"Nestlé agrees to sell Yinlu peanut milk and canned rice porridge businesses to Food Wise Co., Ltd.", GlobeNewswire , November 25, 2020, © GlobeNewswire, Inc.
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