December 21, 2018 / 4:32 PM / 3 months ago

Nestle stockpiling in UK ahead of Brexit, CEO tells FAZ

FILE PHOTO: The Nestle logo is seen during the opening of the 151st Annual General Meeting of Nestle in Lausanne, Switzerland April 12, 2018. REUTERS/Pierre Albouy/File Photo

ZURICH (Reuters) - The world’s biggest packaged food maker Nestle (NESN.S) has ramped up stock in Britain to prepare for any challenges it may face in supplying the country following Britain’s divorce from the EU, CEO Ulf Mark Schneider said in an interview.

“As a precaution, we’ve increased our stockpiles in Britain in key areas,” Schneider told Germany’s Frankfurter Allgemeine Zeitung in an interview, to be published on Saturday. “So if it should come to any delays or problems, we’ll remain able to serve British consumers.”

The head of the Swiss-based group also said that Nestle, which struck a $7 billion coffee licensing deal with Starbucks (SBUX.O) in May and has been exploring options to shed its skin care unit, will continue adjusting its portfolio of brands through acquisitions and divestitures.

“We’ve got the courage for it and will seize good opportunities to buy,” Schneider said. “On the other hand, there will also be businesses we part from because they no longer fit into our strategy, or their growth prospects aren’t that good anymore.”

($1 = 0.9906 Swiss francs)

Reporting by Brenna Hughes Neghaiwi; Editing by Kirsten Donovan

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