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Ulf Mark Schneider, Chief Executive Officer of Nestlé SA, speaks at the company's annual meeting of shareholders at Nestlé headquarters in Vevey, Switzerland, on Thursday, April 6, 2017. Photographer: Michele Limina / Bloomberg [19659003] Nestlé conditionally agreed to sell its confectionery brands manufactured in New Zealand in Sydney Quadrant Private Equity for an undisclosed amount following review by the food giant of its confectionery business in Australia and New Zealand.
In a statement posted on its website, Nestle New Zealand announced that it has entered into a conditional agreement to sell to Quadrant Mackintosh & # 39; s Kiwi Confectionery Brands, Heards, Black Knight and Fabulicious Red Licorice
brands such as Life Savers and Oddfellows to Quadrant, which intends to continue manufacturing these local brands in New Zealand.
The agreement with New Zealand comes six months after Nestle agreed to sell its US confectionery business to the Italian Ferrero in January for $ 2.8 billion.
"After a review of the Nestlé confectionery business in Australia and New Zealand, Nestlé is looking to focus on its main chocolates and pastries, and will focus on the culinary products of its Wiri plant, including soups. Maggi, recipe mixes and a wide range of products for professional food services used in New Zealand and exported to New Zealand.As a result of the sale, Nestle said that up to 55 positions will be removed from A workforce of more than 270. Nestlé hopes to achieve this reduction through voluntary layoffs in the first place, and all employees concerned will be offered a generous lay-off plan and access to re-employment services [19659003] For the Sydney Quadrant, the move comes less than a year after the acquisition of Darrell Lea, a 91-year-old confectioner. nn for about $ 160 million.
See also:
Nestlé buys vitamins manufacturer Atrium Innovations for $ 2.3b
Quadrant PE acquires majority stake in Australian candy maker Darrell Lea for $ 160 million
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