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This acquisition, which remains subject to applicable regulatory approval and satisfaction of other customary closing conditions, will expand the company's beverage portfolio of bottled water to include high-quality iced teas, lemonades and juice drinks.
The Sweet Leaf and Tradewinds brands' combined sales totaled more than $53 million in 2010. The Austin-led staff will continue managing these brands.
"Sweet Leaf Tea is a company founded on premium ingredients and a commitment to good health and great flavors, in step with Nestlé Waters North America's long history of providing healthful bottled water beverages," said Dan Costello, chief executive officer of Sweet Leaf Tea Co. in a statement. "With Nestlé Waters bringing increased capabilities, we will be able to offer Sweet Leaf and Tradewinds beverages to more people across the U.S."