Nestle SA's (OTC: NSRGY) unit in Zimbabwe has stopped buying milk from a dairy farm owned by President Robert Mugabe's family. Nestle purchases milk from the Mugabe family's Gushungo Holdings Ltd. which account for about 15% of the company's intake in the country.
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At the end of 2008, eight of Nestle's 16 contractual suppliers had gone out of business. Nestle was forced to purchase milk on the open market on a non contractual basis. This includes milk from the Gushungo Dairy Estate. Nestle will now only purchase milk from the seven farmers it has contracts with.
About Nestle SA
Nestle SA is a company engaged in the nutrition, health and wellness sectors. It is the holding company of the Nestle Group, which comprises subsidiaries, associated companies and joint ventures throughout the world. It has such business units as Food and Beverage, Nestle Waters and Nestle Nutrition. It is also active in the pharmaceutical sector. It divides its products into nine categories: Prepared dishes and cooking aids, Beverages, Confectionery, Ice cream, Water, PetCare, Milk products, Nutrition and Pharma. It has numerous subsidiaries engaged in various areas of activity, including Alcon Ophthalmika GmbH (Austria), Alcon Bulgaria EOOD (Bulgaria) and Galderma Laboratorium GmbH (Germany) for pharmaceuticals; Novartis Nutrition GmbH (Austria) and Hjem-IS A/S (Denmark) for food and beverages, and Galderma International SAS (France) and Galderma Laboratorium GmbH (Germany) for health and beauty activities. In July 2008, Novartis AG acquired a 25% stake in Alcon, Inc. from Nestle SA.
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