Nestle posts slower sales growth

18 October, 2019 12:00 AM printer

ZURICH: Food group Nestle announced a new share buyback program of up to 20 billion Swiss francs (US$20.13 billion) and changes to its waters business on Thursday after organic sales growth slowed slightly to 3.7per cent in the third quarter, from 3.9per cent in the previous quarter.

Packaged food makers are branching out into new areas like plant-based meat alternatives or products made from all natural ingredients to boost growth in an otherwise sluggish market, report agencies.

The maker of KitKat chocolate bars, Maggi noodles and vegan burgers also appointed Sanjay Bahadur, currently head of acquisitions and business development, to head a new Group Strategy and Business Development function, it said in a statement.