June 8, 2020 / 6:02 PM / a month ago

Nestle confirms sale of Buitoni brand's North American business

FILE PHOTO: Nestle logo is pictured on the door of the supermarket of Nestle headquarters in Vevey, Switzerland, February 13, 2020. REUTERS/Pierre Albouy

ZURICH (Reuters) - Nestle SA (NESN.S) is selling the North American business of its Buitoni pasta brand to private-equity firm Brynwood Partners, the Swiss food group said on Monday.

It was confirming a report by the Wall Street Journal, which cited a person familiar with the situation as saying the deal values the Buitoni North American business at $115 million.

“Yes this is correct,” a Nestle spokesman said in response to a query about the report, giving no more details immediately.

Reporting by Michael Shields, Editing by Timothy Heritage

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