Swiss-based global food manufacturer, Nestle has announced that it will be selling its Alete and Milasan baby food brands.
The brands have been snapped up by an investor consortium inclusive of German investment group BWK GmbH, and a private investor for an undisclosed sum, Reuters reports.
The sale is in line with company’s plan to divest in non-core and underperforming food brands and instead invest in more scientific businesses in the medical nutrition and skin health arena.
Nestle’s chief executive, Paul Bulcke said at the time that the new businesses would require greater investment and resources than food due to its complex nature.
"If you really go into the dimension of science … the promise is big but the pre-investment is a little heavier than reformulating a bouillon cube," said Bulcke.
"We don't allow ourselves to have laggards because we don't have the luxury anymore because we are investing for the future," he said.
Nestle said in a statement that it will now be focusing its baby food business in Germany and Austria on the Beba brand.