Nestl? and Lotte Wellfood Part Ways After 12 Years... Operations Until Q1 Next Year

Necessary Support Measures for Joint Venture Employees
Launched on June 1, 2014, with 50% Investment Each

On the 17th, Nestl? announced that it has agreed to complete the operation of Lotte Nestl? Korea, a joint venture with Lotte Wellfood, by the end of the first quarter of next year.

[Photo by Lotte Homepage Capture]

Thomas Carso, CEO of Nestl? Korea, stated, "Nestl? and Lotte made this decision after comprehensively considering various factors such as global priorities, the domestic market situation, and the shared capabilities of both companies." Carso added, "Both companies will strive for stable operations and change management until the joint venture's operation ends." Nestl? and Lotte Wellfood plan to provide necessary support measures considering the joint venture's employees.

Lotte Nestl? Korea is a joint venture established with a 50% stake each from Lotte Group and the global food company Nestl?, launched on June 1, 2014.

The company has been producing, distributing, and selling Nestl?'s Nescaf? instant coffee and coffee mixes, chocolate powder drinks, fruit powder drinks, pet food, and more.

Starting from the 1st of next month, Nestl? Korea will take over the 'Nestl? Purina Petcare' business. Nestl? Purina Petcare is currently operated by Lotte Nestl? Korea as the pet business division. The business rights will be transferred to Nestl? Korea within this month, and the employees will also move to Nestl? Korea.