Chilean drinks company Compañía Cervecerías Unidas (CCU) has bought out Nestlé from the companies’ joint venture in the country.
A statement from CCU said the group has has paid approximately 165m pesos ($180m) for Nestlé’s 49.9% stake in Aguas CCU-Nestlé Chile.
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Following the deal, CCU said it will continue to distribute water and “coffee-based” drinks for Nestlé in Chile.
In a statement to Just Drinks, the Swiss giant said “the transaction reflects Nestlé’s continued focus on portfolio discipline and simplification, while ensuring continuity under CCU’s ownership”.
CCU set up the venture with Nestlé’s Chilean arm in 2007. Through the agreement, Aguas CCU-Nestlé Chile was given a production and sales licence for the Nestlé Pura Vida (Pure Life) brand in Chile.
Through the venture, CCU produces and bottles the Pura Vida brand at its facilities in Coinco and Casablanca. The Cachantun and Porvenir water brands were also bottled through the venture, according to CCU’s most recent annual report.
The group also imports Perrier water through the joint venture.
In 2012, the Aguas CCU-Nestlé Chile venture acquired a 50% stake in the purified water supplier Manantial. The business, which produces purified water for water dispensers for the home and offices, was bought outright through the joint venture four years later.
Aside from water, CCU’s other products include beer, energy drinks, juices and wine.
The move follows a leadership reshuffle at CCU. At the end of last month, the business announced CEO Patricio Jottar Nasrallah would be leaving his position and stepping into a director role at the company.
Eduardo Ffrench-Davis Rodríguez, who has spent more than a decade at CCU, will take the helm next month. His time at CCU includes two years leading the Aguas CCU-Nestlé Chile venture.
