September 26, 2017 / 8:57 AM / a year ago

Nestle could swap out a tenth of portfolio: CEO

ZURICH/LONDON (Reuters) - Food group Nestle (NESN.S) could swap out around 10 percent of group sales as it enters new areas of business and leaves others, Chief Executive Mark Schneider told investors in London on Tuesday.

Nestle CEO Ulf Mark Schneider speaks during the Nestle shareholders meeting in Lausanne, Switzerland, April 6, 2017. REUTERS/Denis Balibouse

“We will have to trade out of some areas and into others,” Schneider said, citing plans to divest its U.S. confectionery business as an example of changes to come. He said each move had to be carefully considered because switching costs were high.

Reporting by Silke Koltrowitz and Martinne Geller; Editing by Michael Shields

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