Nestle to sell insurance unit

Nestle has agreed to sell its Gerber Life Insurance unit for USD1.55 billion (EUR1.3 billion), in the company’s latest bid to redouble its focus on food and beverage. The Switzerland-based company said the deal with Western & Southern Financial Group does not affect the iconic Gerber baby food unit, which Nestle will continue to control.

“This move is part of the ongoing evolution of our portfolio. It will allow us to invest further in our core food and beverage business and in consumer healthcare,” Nestle’s chief executive Mark Schneider said in a statement. Nestle made a series of moves recently to more tightly focus its operations, with health food products and coffee emerging as key priorities. Nestle said it was exploring options to sell Gerber insurance business.