FRANCE: Nestle signs water JV in Korea
Nestle Waters has announced the setting up of a joint venture company in South Korea with the Pulmuone Group, one of the country's leading food and bottled water companies.
The move will give the Swiss group a co-leadership position in South Korea's Home & Office Delivery (HOD) segment.
Nestlé Waters will hold 51% of the capital in the JV company, Pulmuone Waters which will take over all of the Pulmuone Group's bottled water activities.
Via its Saemmul brand, the Pulmuone Group's water sales in 2002 amounted to approximately US$ 23 million, with a sales split of 80% from the HOD channel and 20% from small formats (PET).
The Pulmuone Group's annual global turnover is approximately US$483m.
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