Nestle reports drop in profits
Swiss food and beverage giant Nestle has said that it is ending its agreement with the well-heeled Bettencourt family of France over the L’Oreal cosmetics empire and is exploring options for its Gerber Life Insurance business.
The announcement came as the Vevey, Switzerland-based company reported net profit fell nearly 16% to 7.18 billion Swiss francs (€6.2bn) last year, compared to 8.53 billion in 2016. The company said the drop was mostly due to accounting of cash-flow issues at Nestle Skin Health.
