Nestlé has announced its plans to focus its growth with acquisitions this year while being selecive on the additions to its business.

At an investor call on the food group’s full-year results, Nestlé chief executive Mark Schneider said: “We do believe that in 2021 as well, we will see some good additions to our business.

“We will put more emphasis on growth and acquisitions, not just organic growth, but also absolute growth.”

He added that divestitures may also happen, reported Reuters.

Earlier this week, the company agreed to divest its regional spring water brands, purified water business and beverage delivery service in the US and Canada to One Rock Capital Partners in partnership with Metropoulos & Co. for $4.3bn.

The divestment includes brands such as Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills, Arrowhead and Splash, as well as US office beverage delivery service ReadyRefresh.

However, Perrier, S Pellegrino and Acqua Panna, which contributed to the growth recovery of the firm’s North American water business in Q3, are not part of the deal.

The agreement follows Nestlé’s announcement last year that it would carry out a strategic review of parts of the North American waters division and reduce the focus of its global water portfolio.

This transaction is expected to close following the completion of customary closing conditions.

For fiscal 2020, the Swiss food group’s net profits declined 3% to Sfr12.2bn ($13.65bn). Its total sales fell 8.9% to Sfr84.34bn (94.34bn) from Sfr92.57bn ($103.54bn) with a decline seen in all regions. Foreign exchange reduced sales by 7.9%.

Stripping out acquisitions, divestitures and currency fluctuations, Nestlé’s full-year organic sales grew 3.6% last year, more than its own guidance for around 3%. This was the highest level in the last five years. Real internal growth (RIG) was 3.2% and pricing edged up 0.4%.

Organic growth in developed markets was strong at 3.8%. Growth in emerging markets improved during the year and reached 3.4%.