Nestle Waters takes majority stake in Ethiopia JV with Abyssinia Springs
Nestle Waters has taken a majority stake in the deal with Abyssinia Springs
Nestle Waters has entered a joint venture with Ethiopian bottled water company Abyssinia Springs as it continues to invest in Africa.
Nestle said earlier this week that it would take a majority stake in the JV. Financial details were not disclosed.
Abyssinia Springs' factory is located in Sululta, near the Ethiopian capital Addis Ababa. Nestle said the average rainfall is 1250mm per year compared to about 1100mm in the UK. "Ensuring access to sustainable water resources was a prerequisite for any transaction to happen," the companies said.
"We are very happy to welcome Nestlé Waters in Ethiopia and start this strong partnership," said the owners of Abyssinia Springs brand. "With the launch of this new venture, Nestlé will be manufacturing in our country for the first time in many years, testimony to their confidence in the future of the Ethiopian economy."
Nestlé Waters is the bottled waters division of the Nestlé Group. It comprises 52 bottled water brands.
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