Nestle to sell insurance unit Gerber

Streamlining operations: A pedestrian passes a Nestle logo at the company’s factory, operated in Tutbury, UK. Nestle is exiting insurance business because it’s not core to its consumer operations. — Bloomberg

NEW YORK: Nestle SA has agreed to sell Gerber Life Insurance to closely held Western & Southern Financial Group for US$1.55bil in cash as the world’s largest food company focuses on businesses like coffee, bottled water and pet care.

“This move is part of the ongoing evolution of our portfolio,” Nestle chief executive officer Mark Schneider said in a statement.