Nestle Canada Inc. says it is selling its Pure Life bottled water business to Ice River Springs as Ontario prepares to give its municipalities veto power over new water bottling permits. The sale for an undisclosed price is expected to close in the third quarter and is contingent on regulator approval. Company president Jeff Hamilton says it began to explore the sale of its water business in late 2019 after deciding to focus on its international brands of San Pellegrino, Perrier and Acqua Panna. Ice River, a Canadian family-owned bottled water producer, says the acquisition fulfils its ambition to expand beyond its private label business for retailers. Ice River Springs runs a plastics recycling operation, BMP Recycling, that takes bottles and plastic food packaging collected by municipalities and produces food grade recycled PET plastic.

Source: CBC News July 02, 2020 19:30 UTC