Nestle plans to spin out its Buxton and Perrier water business to create a joint venture businessNestle has confirmed plans to spin out its Buxton and Perrier water business to create a joint venture business worth around 4.9 billion euros (£4.2 billion). It will include more than 30 brands, including Nestle’s waters such as S.Pellegrino, Perrier, Buxton and Acqua Panna, as well as its hydration drinks and the global Nestle Pure Life brand. Trade union Unite cautioned Nestle and Platinum against an “attack on jobs” at its UK-based Buxton water business following the joint venture move. “That cannot be allowed to happen at Princes Gate water, or Nestle, where workers have already suffered months of fear and uncertainty.” Philipp Navratil, chief executive of Nestle, said: “By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility.