date:May 28, 2014
Nestle is buying back milk powder factories in Latin America, significantly scaling down a joint venture with Fonterra , the New Zealand dairy group whose reputation was damaged by a food safety scare last year.
Nestle, the world's biggest food group, and Fonterra, the world's biggest dairy group, set up their venture in 2003 to develop, produce and sell a range of dairy products in Latin America, where economic growth has fueled growing demand.
Nestle said on Tuesday the venture had performed