Nestle sells North America water brands for $4.3B

By Ovunc Kutlu

ANKARA (AA) - Nestle announced Wednesday it has agreed to sell its water brands and beverage delivery services for a total of $4.3 billion.

The deal includes the sale of its regional spring water brands and purified water businesses in the US and Canada to private equity firm One Rock Capital Partners and investment firm Metropoulos & Co.

While the agreement includes popular North American brands such as Poland Spring and Pure Life, it excludes international premium brands such as Perrier, S.Pellegrino, and Acqua Panna, according to its statement.

Nestle said the move comes amid conducting a strategic review of North American waters division, as the company will increase focus on its global water portfolio.

"We continue to transform our global waters business to best position it for long-term profitable growth. This sale enables us to create a more focused business around our international premium brands, local natural mineral waters and high-quality healthy hydration products," CEO Mark Schneider said in the statement.

The company also noted it aims to make its entire water portfolio carbon neutral by 2025, in addition to announcing efforts to tackle plastic waste last year.