By Mauro Orru

Nestle SA said Friday that it has reached an agreement with Tsingtao Brewery Co. for the sale of its water business in mainland China.

The world's largest bottled-water maker didn't disclose financial details but said it would transfer all its shares in Nestle Sources Shanghai Limited, Nestle Sources Tianjin Limited and Yunnan Dashan Drinks Co. Ltd. to Tsingtao Brewery.

The deal includes the transfer of three factories located in Kunming, Shanghai and Tianjin, as well as local brand Dashan Yunnan Shan Quan to the Chinese brewer.

Tsingtao Brewery Group will be able to produce and market the Nestle Pure Life brand, while Nestle will retain and continue to sell brands such as Perrier, San Pellegrino and Acqua Panna in China.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

August 28, 2020 08:36 ET (12:36 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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