NORTH YORK – The sale of the Nestlé Pure Life water bottling business to Ice River Springs has fallen through.
In a Sept. 2 press release, Nestlé Canada states the two businesses were unable to “work through the Competition Bureau’s regulatory approval process within Nestlé’s set timeframe.”
The agreement, announced on July 2, was contingent on regulatory approval.
Company officials at the time expected the sale would go through by the third quarter of this year.
It would have included the Nestlé Waters plant in Aberfoyle and its well in Erin and the Middlebrook well in Elora.
When the deal was first announced Nestlé Waters Canada’s director of corporate affairs Jennifer Kerr told the Advertiser that Nestlé determined it was better positioned to focus on its international brands: San Pellegrino, Perrier and Acqua Panna.
Now Nestlé Pure Life could potentially continue to be part of the North American review.
“The review will explore strategic options, including a possible sale, for the Nestlé Waters business in the U.S. and Canada,” the Nestlé press release states.
“The North American strategic review is expected to conclude by early 2021 and will offer the Canadian business the opportunity for sustained, long-term, profitable growth.”