Nestle divesting its shares in Givaudan
VEVEY, SWITZERLAND — Nestle S.A. is divesting the 926,562 shares it owns in the flavor company Givaudan, Vernier, Switzerland. Nestle acquired the shares in 2002 when it sold the food ingredient company FIS to Givaudan.
Nestle said is has been “very satisfied” with its holding, but now is the appropriate time to divest.
Divestment has been a theme at Nestle for the past few months. This past November the company sold its Jenny Craig weight management business in North America and Oceania to North Castle Partners L.L.C., a private equity firm.
This past October, Paul Bulcke, chief executive officer of Nestle, said the company has two lists of brands — those that need fixing and those to be divested.
“The short list of (brands that need) fixing is slightly longer than getting rid of,” he said. “We are business people; we want to do business, not get rid of business. But there are some things we don’t think we can fix.”
Givaudan is a flavor and fragrance company with business interests throughout the world. The company’s flavor businesses focus on beverage, dairy, savory and sweet goods. In 2012 the company had sales of 4,257 million Swiss francs ($4,761 million).