Food Wise to acquire Yinlu peanut milk and canned rice porridge businesses from Nestle.

Food Wise, a food production group, agreed to acquire Yinlu peanut milk and canned rice porridge businesses from Nestle, a food and drink processing conglomerate corporation. Financial terms were not disclosed. The transaction is expected to close by the end of this year. The transaction allows Nestlé to focus on key categories in China: infant nutrition, confectionery, coffee, culinary, dairy and petcare, capitalizing on the company’s strong brands, digital capabilities and innovation engine to drive growth.