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Nestle stockpiling in UK ahead of Brexit, CEO tells FAZ

Nestle stockpiling in UK ahead of Brexit, CEO tells FAZ
A Nestle logo is pictured on a coffee factory in Orbe, Switzerland May 31, 2018. REUTERS/Denis Balibouse   -   Copyright  DENIS BALIBOUSE(Reuters)
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ZURICH (Reuters) – The world’s biggest packaged food maker Nestle <NESN.S> has ramped up stock in Britain to prepare for any challenges it may face in supplying the country following Britain’s divorce from the EU, CEO Ulf Mark Schneider said in an interview.

“As a precaution, we’ve increased our stockpiles in Britain in key areas,” Schneider told Germany’s Frankfurter Allgemeine Zeitung in an interview, to be published on Saturday. “So if it should come to any delays or problems, we’ll remain able to serve British consumers.”

The head of the Swiss-based group also said that Nestle, which struck a $7 billion (5.53 billion pounds) coffee licensing deal with Starbucks <SBUX.O> in May and has been exploring options to shed its skin care unit, will continue adjusting its portfolio of brands through acquisitions and divestitures.

“We’ve got the courage for it and will seize good opportunities to buy,” Schneider said. “On the other hand, there will also be businesses we part from because they no longer fit into our strategy, or their growth prospects aren’t that good anymore.”

(Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan)

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