Nestlé knows how to run a pantry. The food multinational has decanted mass-market bottled water and canned congee, restocking the shelves with altogether more nutritious items such as vitamins and biopharmaceuticals.
The reshuffled portfolio — the result of 75 deals since 2017, turning over almost a fifth of its portfolio — tilts the Swiss group towards higher-margin products.
Water, one part of which has been sold to private equity for $4.3bn, garnered underlying trading operating margins of just 10 per cent last year. That is less than half those creamed off nutritional and health science. Petcare, with margins of 24 per cent and robust organic sales growth of 10 per cent last year, makes up a bigger share.
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