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Nestle sells Yinlu business in China to founder's family

ZURICH, Nov 25 (Reuters) - Nestle has agreed to sell its Yinlu peanut milk and canned rice porridge businesses in China to Food Wise Co Ltd, a company controlled by the family of Yinlu founder Chen Qingshui, the world’s largest packaged food group said on Wednesday.

It gave no financial terms for the deal, which it expected to close by the end of this year. Nestle has been ditching underperformers and put North American waters and Yinlu under strategic review. (Reporting by Michael Shields Editing by Riham Alkousaa)

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