[Alpha Biz= Kim Jisun] Nestlé and Lotte Wellfood announced on Monday that they have agreed to conclude the operations of their joint venture, Lotte Nestlé Korea, by the end of the first quarter of 2026.
The two companies stated that, in light of this decision, they would prioritize the well-being of the employees affected by the closure of the joint venture and actively take necessary support measures. Established in June 2014, Lotte Nestlé Korea was formed with an equal 50% investment from Lotte Group and Nestlé.
As the operations of the joint venture come to a close, Nestlé Korea will begin managing the "Nestlé Purina PetCare" business starting next month. Nestlé Purina PetCare, which is currently operated under Lotte Nestlé Korea’s pet care division, will have its business rights transferred to Nestlé Korea by the end of this month.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
