Nestle sells Russian confectionery business

Nestlé has sold Altai Confectionery, its Russian confectionery business to private firm Corminus Enterprises. Corminus is headed by a former Nestlé executive Igor Kubanov. The transaction of the 17,000 tonnes a year company is expected to be completed in the second quarter of 2011.

“The sale of this company will allow Nestlé in Russia to focus resources on its well established core confectionery brands such as Kit Kat, Rossiya-Schedraya Dusha and Nestlé,” says Stefan De Loecker, CEO of Nestlé Russia.

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