Nestle posts slightly slower sales growth, revamps waters business

ZURICH (Reuters) – Food group Nestle announced a new share buyback program of up to 20 billion Swiss francs ($20.13 billion) and changes to its waters business on Thursday after organic sales growth slowed slightly to 3.7% in the third quarter, from 3.9% in the previous quarter.

Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all natural ingredients to boost growth in an otherwise sluggish market.

The maker of KitKat chocolate bars, Maggi noodles and vegan burgers also appointed Sanjay Bahadur, currently head of acquisitions and business development, to head a new Group Strategy and Business Development function, it said in a statement.

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