SWITZERLAND: Nestle streamlines in Italy, Brazil
Nestle SA is selling its Vismara meat business in Italy and a pasta factory in Brazil as it continues to streamline its product portfolio, the world's biggest food company said on Wednesday.Nestle agreed to sell the Vismara brand and business activities to Ferrarini, a family-owned meat company, Nestle said in a statement that gave no financial details.Vismara had 1999 sales of 144 million Swiss francs ($87.9 million) and employs 375 people at a plant in Castenovo that makes ham, salami and mortadella. The deal is subject to approval by Italian authorities.Nestle will also sell its pasta factory in Uberlandia, Brazil, to Emege Produtos Alimenticoa S/A. The plant will continue to make products to be sold by Nestle under the Maggi brand. The 100 jobs at the plant are not affected."Nestle continues to implement its policy of focusing on core strategic business activities and divesting certain production activities with low added-value to specialised suppliers," the company said.Chief Financial Officer Mario Corti said in February that Nestle had sold or shut down 28 factories in 1999 and would divest another 26 this year. It had 509 plants at the end of last year, down from 522 at the end of 1998.Nestle shares closed on Tuesday at 3,289 francs, up 12.8 percent so far in 2000, but off a year high at 3,350 on May 25.
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