Chilean drinks company Compa\u00f1\u00eda Cervecer\u00edas Unidas (CCU) has bought out Nestl\u00e9 from the companies’ joint venture in the country.<\/p>\n
A statement from CCU said the group has paid approximately 165m pesos ($180m) for Nestl\u00e9’s 49.9% stake in Aguas CCU-Nestl\u00e9 Chile.<\/p>\n
Following the deal, CCU said it will continue to distribute water and “coffee-based” drinks for Nestl\u00e9 in Chile.<\/p>\n
In a statement to Just Drinks, the Swiss giant said “the transaction reflects Nestl\u00e9\u2019s continued focus on portfolio discipline and simplification, while ensuring continuity under CCU\u2019s ownership”.<\/p>\n
CCU set up the venture with Nestl\u00e9’s Chilean arm in 2007. Through the agreement, Aguas CCU-Nestl\u00e9 Chile was given a production and sales licence for the Nestl\u00e9 Pura Vida (Pure Life) brand in the country.<\/p>\n
Through the venture, CCU produces and bottles the Pura Vida brand at its facilities in Coinco and Casablanca. The Cachantun and Porvenir water brands were also bottled through the venture, according to CCU’s most recent annual report.<\/p>\n
The group also imports Perrier water through the joint venture.<\/p>\n
In 2012, the Aguas CCU-Nestl\u00e9 Chile venture acquired a 50% stake in the purified water supplier Manantial. The business, which produces purified water for dispensers for homes and offices, was bought outright through the joint venture four years later.<\/p>\n
Aside from water, CCU’s other products include beer, energy drinks, juices and wine.<\/p>\n
The move follows a leadership reshuffle at CCU. At the end of last month, the business announced CEO Patricio Jottar Nasrallah would be leaving his position and stepping into a director role at the company.<\/p>\n
Eduardo Ffrench-Davis Rodr\u00edguez, who has spent more than a decade at CCU, will take the helm next month. His time at CCU includes two years leading the Aguas CCU-Nestl\u00e9 Chile venture.<\/p>\n