Nestlé Canada selling Nestlé Pure Life bottled water business

Nestlé Canada is selling its Nestlé Pure Life bottled water business to Ice River Springs.

The sale is subject to regulatory review, but is expected to close in Q3 2020. Financial terms of the agreement were not disclosed.

The sale to Ice River Springs---- an Ontario-based private label bottled water producer--includes factories located in Puslinch, Ont. and Hope, B.C., in addition to a well in Erin, Ont.

In a press release, Nestlé Canada president and CEO Jeff Hamilton said the company had been exploring the sale of Nestlé Pure Life water since late last year, after deciding it was "better positioned" to focus on international brands including San Pellegrino, Perrier and Acqua Panna.

"We are pleased that Ice River Springs, a local Canadian company with a focus on sustainability, has agreed to purchase this business," he said.