VEVEY, Switzerland: Swiss foods giant Nestlé revealed late last week it is in process of acquiring the medical-nutrition arm of compatriot drug company Novartis. $2.5 billion (€1.91bn; £1.28bn) will change hands as a result.
The planet's largest food company says its latest acquisition will provide a bridgehead into the fast-growing market for special foods that help patients recover from illness. It is reportedly a high margin business with rapid growth.
Says Nestlé chairman/ceo Peter Brabeck-Letmathe: "I am very pleased that this acquisition allows us to become a very strong player in the strategic core category of nutrition."
Data sourced from Dow Jones Marketwatch (USA); additional content by WARC staff