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Food Wise takes over peanut milk and canned rice porridge business.
As announced, the Swiss food company Nestle is selling its Yinlu business with peanut milk and canned rice porridge in China. The area, including five factories, will be transferred to the Food Wise company, Nestle announced on Wednesday. With the Yinlu brands, the group achieved sales of 700 million francs (around 646.2 million euros) last year.
Both companies have agreed not to disclose the purchase price and financial details. The transaction is expected to be completed by the end of the year.
