October 17, 2019 / 5:34 AM / a month ago

Nestle posts slightly slower sales growth, revamps waters business

ZURICH, Oct 17 (Reuters) - Food group Nestle announced a new share buyback programme of up to 20 billion Swiss francs ($20.13 billion) and changes to its waters business on Thursday after organic sales growth slowed slightly to 3.7% in the third quarter, from 3.9% 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.

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.

$1 = 0.9935 Swiss francs Reporting by Silke Koltrowitz; Editing by Michael Shields

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