Nestlé transfers cash from Spanish companies to Luxembourg

According to the Spanish website «eleconomista.es» the Nestlé Group has just transferred cash from all its Spanish companies to the Grand Duchy.

The funds were previously centralised under the company «Nestlé España», located in Barcelona. Following the transfer, it is now centralised at NTC Europe, a company headquartered in Luxembourg, said the Spanish site.

Official sources from the Swiss multinational assured the Spanish daily that the measure was only «an operational exchange» and that the goal was not to evade taxes. In 2012, Nestlé had a production site in almost every country in the world and employed nearly 328,000 people. It is the largest company from its sector in the world, with a 2010 sales turnover of 110 billion Swiss francs, equivalent to about 120 billion USD.