Tsingtao Brewery picks up Nestle’s China water business

Tsingtao Brewery picks up Nestle’s China water business

A Nestle SA birds nest logo is displayed on a glass surface ahead of a news conference announcing the company's full year results in Vevey, Switzerland, on Thursday, Feb. 14, 2019. Photographer: Stefan Wermuth/Bloomberg

Nestle has agreed to sell its water business in China to local beer giant Tsingtao Brewery Group Co. Ltd., as part of the world’s largest food company’s ongoing effort to offload underperforming brands.