Nestlé cuts value of stake in shrinking infant formula arm by €260m
The global food company has significantly reduced the value of its investments in Wyeth Nutritionals over the past two years as production at the Askeaton company has fallen off
Nestlé has whittled down its investment in its infant formula unit by almost €260 million over the last two years amid significantly falling levels of production at the firm.
Wyeth Nutritionals Ireland, the company Nestlé bought from Pfizer in 2012, has scaled back production levels at its Askeaton headquarters this year due to weak global demand, the Business Post revealed in August.
Now, accounts filed by Nestlé Ireland Limited show that the company shrunk the ...