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UNIVERSAL Robina Corp. (URC) has purchased the
drinking-water bottling unit of Nestlé Philippines Inc., the
multinational company said Friday.
Under the signed agreement, Nestlé
Waters Philippines will turn over the Hidden Spring trademark to URC,
which will also get the license to bottle and sell Nestlé Pure Life
without changing its name “as a respect to the Nestle quality.”
Nestlé Philippines said
that the water business has not been performing as expected, so it
would focus on its core businesses, which include milk, coffee and
other beverages.
The multinational company said
URC is the most suitable buyer because of its core competence in
bottled beverages, citing the Gokongwei family-led company’s
successful C2 bottled tea drink.
Nestlé refused to divulge the
sale price for its water-bottling unit, adding the transaction would
only take effect in April.
Nestlé Waters Philippines said
it will pay all employees a separation package as provided by
company policy and an existing collective bargaining agreement.
--Katrina Mennen A. Valdez
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