Tsingtao Brewery, a beer producer and distributor in China, agreed to acquire the Chinese water business from Nestle, a Swiss multinational food and drink processing firm, for £72m ($97m). Nestlé's water business in China includes the global brand Nestlé Pure Life and the local brand Dashan Yunnan Shan Quan. "This strategy offers the best opportunity for long-term profitable growth in the category, while appealing to environmentally and health-conscious consumers," Mark Schneider, Nestle CEO.