Nestle in talks to become the latest producer of skincare brands

Nestle in talks to become the latest producer of skincare brands

Swiss food giant Nestle said Thursday it is in talks to sell its skincare business to a group led by a Swedish private equity firm and the Abu Dhabi Investment Authority. The deal to sell Nestle Skin Health is worth 10.2 billion Swiss francs (9.3 billion euros, $10.12 billion) the group said in a statement.

Swiss food giant Nestle said Thursday it is in talks to sell its skincare business to a group led by a Swedish private equity firm and the Abu Dhabi Investment Authority.

The deal to sell Nestle Skin Health is worth 10.2 billion Swiss francs (9.3 billion euros, $10.12 billion) the group said in a statement.

Nestle is currently talking with equity firm EQT and a subsidiary of the Abu Dhabi Investment Authority which is to be finalised in the second half of 2019

The deal is subject to approval by regulatory authorities and will be subject to employee consultations, Nestle said.

Like many conglomerates, Nestle is currently reshuffling its portfolio, under the direction of chief executive Mark Schneider, and it had already indicated that skin care products were one of the units that could be sold off.

Nestle Skin Health is based in Lausanne and employs 5,000 people worldwide

(punch)

 

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