Nestlé New Zealand to sell confectionary brands to Australia’s Quadrant Private Equity
The Swiss food and beverage giant, Nestlé, has announced that it’s New Zealand business will be selling some of its confectionary brands.
The brands will be sold to Australia’s Quadrant Private Equity, including Mackintosh, Heards, Black Knight, Fabulicious Red Licorice, Life Savers, and Oddfellows.
“Following a review of Nestle’s confectionery business in Australia and New Zealand, Nestle is looking to focus on its major chocolate, baking and medicated lozenge brands in New Zealand,” Nestlé announced in a statement.
The firm agreed on the deal, the value of which has not been disclosed, in a bid to simplify its portfolio.
Due to the sale, up to 55 positions out of a total of 270 could be lost at the Wiri factory.
The reduction of jobs would see Nestlé reduce its total output to focus on culinary brands.