Nestlé has bought Europe’s leading supplier of home and office of water coolers Powwow from Hong Kong-based conglomerate Hutchison Whampoa for 560m euros.
The Swiss food giant, and global market leader in bottled water with brands such as Vittel, Perrier and San Pellegrino, is buying the business from AS Watson, a unit of Hutchison Whampoa.
Nestlé’s CEO Frits van Dijk said: “The addition of the Powwow network to our existing operations in Europe is a key element to forming a truly pan-European presence in the home and office delivery channel.”
The deal, at a record price of nearly five times last year’s sales, will help Nestlé accelerate away from its main European rival Danone.
Powwow has 1,500 employees in seven countries with a turnover of approximately 120m euros in 2002.
The Swiss food giant, and global market leader in bottled water with brands such as Vittel, Perrier and San Pellegrino, is buying the business from AS Watson, a unit of Hutchison Whampoa.
Nestlé’s CEO Frits van Dijk said: “The addition of the Powwow network to our existing operations in Europe is a key element to forming a truly pan-European presence in the home and office delivery channel.”
The deal, at a record price of nearly five times last year’s sales, will help Nestlé accelerate away from its main European rival Danone.
Powwow has 1,500 employees in seven countries with a turnover of approximately 120m euros in 2002.
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