Nestle Waters has agreed to sell its Russian water bottling company Saint Spring to mineral water producer IDS Group.

Nestle acquired the bottling company in 2002, with bottling facilities located in Kostroma, north-east of Moscow.

Ulrich Martin, managing director of Saint Springs said on Thursday (16 April): "This decision follows an on-going review, during which it was concluded that the sale to the IDS Group was the best option to assure the future of the business."

Nestle gave no financial details of the sale, which has yet to be cleared by regulators, but said that it would continue to develop its "very successful" businesses in Russia with its international premium brands, Perrier, Vittel and San Pelegrino.

IDS Group said it plans to "further develop Saint Springs across the former Soviet Union".

Earlier this month Nestlé Waters said it plans to invest EUR18m (US$24m) this year at its mineral water bottling plants at Vittel and Contrexéville in eastern France.

The investment will help modernise production lines and logistics operations in order to improve competitiveness at the plants, which produce Vittel, Contrex and Hépar brands, said the firm.