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Nestle to explore strategic options for skin health unit
[GENEVA] Nestle SA opened a strategic review of its skin-health unit amid pressure from activist investor Dan Loeb to focus on its main food and beverage and nutrition businesses.
"The future opportunities of Nestle Skin Health lie increasingly outside the group's strategic scope," Nestle said in a statement Thursday, adding the review should be complete by mid-2019.
Nestle has been buying and selling businesses at an accelerated pace under Chief Executive Officer Mark Schneider. This week the company agreed to sell Gerber Life Insurance to Western & Southern Financial Group for US$1.55 billion as it considers such financial products outside its main business.
Nestle Skin Health had sales of about 2.7 billion Swiss francs (S$3.8 billion) last year.