Navigation Links
Abbott to Acquire Nutrition Businesses, Expanding Presence in India
Date:7/28/2009

ABBOTT PARK, Ill., July 28 /PRNewswire-FirstCall/ -- Abbott announced today a definitive agreement to acquire the nutrition businesses of Wockhardt Limited, Carol Info Services Limited, and certain Wockhardt subsidiaries and group companies for consideration totaling approximately US$130 million in cash.

Wockhardt, based in Mumbai, India, has a significant presence in India's pediatric and adult nutrition segments with infant formulas, weaning foods and adult protein supplements. These products hold the number two position in India's pediatric nutrition category with Farex(R), Dexolac(R) and Nusobee(R) infant formulas and Farex(R) weaning cereal. The adult protein supplement, Protinex(R), is the segment leader. These transactions also include nutrition manufacturing facilities located in Lalru and Jagraon, India.

"This acquisition is an excellent strategic fit for Abbott to accelerate growth of its nutrition business in India, where the nutritional market is expected to experience strong growth in the coming years," said Holger Liepmann, executive vice president, Global Nutrition, Abbott. "Combining these trusted nutrition products, local manufacturing capability and commercial infrastructure with Abbott's existing pediatric and adult nutrition offerings positions Abbott very well to serve Indian consumers."

Abbott's international nutrition business is an important growth driver for the company and has had particularly strong growth in China, Southeast Asia and Latin America in recent years.

The acquisition includes approximately 600 employees in total. Abbott has approximately 1,500 employees in India across all of its businesses and has been operating in India since 1910. Abbott offers Isomil(R), PediaSure(R), Ensure(R) and Glucerna(R) in India and plans to introduce additional products from its broad-based nutritional portfolio to Indian consumers in the coming years.

Financial Terms

Under terms of the agreement, Abbott will acquire the nutrition businesses of Wockhardt Limited, Carol Info Services Limited, and certain Wockhardt subsidiaries and group companies for consideration totaling approximately US$130 million in cash. There will be no impact to Abbott's previously issued earnings-per-share guidance for the full-year 2009.

These transactions are subject to customary closing conditions and various approvals. Abbott expects the transactions to close in the second half of 2009. The transactions are not being conducted by Abbott's publicly traded subsidiary, Abbott India, Ltd.

About Abbott

Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 72,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information are available on the company's Web site at www.abbott.com.

Abbott Forward Looking Statement

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2008, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.


'/>"/>
SOURCE Abbott
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Abbott and Medtronic Reach Agreement on Global Patent Disputes
2. NeoGenomics Enters into Strategic Supply Agreement with Abbott for Development of a Melanoma Cancer Test
3. Abbott Introduces Molecular Diagnostic System Intended for Broad Identification of Infectious Agents
4. Abbott Launches New Instrument to Complete Family of ARCHITECT Immunochemistry Analyzers
5. Abbott Reports Strong Second Quarter Results; Confirms Double-Digit Earnings Growth Outlook for 2009
6. Abbott and Oasmia Pharmaceutical Announce Exclusive Distribution Agreement for Paccal(R) Vet, a New Chemotherapeutic Agent for Dogs
7. Abbott Hosts Conference Call for Second-Quarter Earnings
8. Abbott Receives CE Mark for Companys Next-Generation XIENCE PRIME(TM) Drug Eluting Stent, Advancing Leadership Position
9. Schmidt & Clark, LLP: FDA Reports Show Abbott Labs Subsidiary Failed to Disclose Parasite Eye Infections Tied to Contact Lens Solution
10. Abbott Initiates Trial of Next-Generation XIENCE PRIME(TM) Drug Eluting Stent, Building Upon Superior Outcomes from SPIRIT Family of Trials
11. Abbott Declares 342nd Consecutive Quarterly Dividend
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2017)... , ... June 23, 2017 , ... Military Connection ... recently denied entry to the JFK Virgin Atlantic lounge. , Bensko is no ... wheelchair six years ago, Bensko dedicated her life to supporting our wounded veterans. A ...
(Date:6/23/2017)... ... 2017 , ... Georgia State University will host the First ... two-day conference is focused on advancing scientific knowledge about the aggressive triple negative ... racial breast cancer-related disparities. The conference theme is “Illuminating Actionable Biology.” , Conference ...
(Date:6/23/2017)... ... 23, 2017 , ... American Farmer, will feature Chr. Hansen, Inc (CHR Hansen) ... fourth quarter 2017. American Farmer airs Tuesdays at 8:30aET on RFD-TV. Check your local ... Hansen in Denmark in 1874 after a groundbreaking discovery of how to industrialize enzymes. ...
(Date:6/23/2017)... ... June 23, 2017 , ... Radabaugh ... planning to families and business owners in North Central West Virginia, is embarking ... services to differently abled residents in the region. , The Stepping Stones organization ...
(Date:6/22/2017)... ... June 22, 2017 , ... Groove Ring is excited ... about their high performance silicon wedding bands and all-purpose rings. Whether you’re an athlete, ... silicone rings designed just for you. , From the rock face to the auto ...
Breaking Medicine News(10 mins):
(Date:6/16/2017)... Corp. is voluntarily performing a worldwide field correction of certain Intra-Aortic Balloon Pumps ... ... CS100i IABP ... 0998-UC-0446HXX; 0998-UC-0479HXX 0998-00-3013-XX;  0998-UC-3013-XX 0998-00-3023-XX;  0998-UC-3023-XX ... This field correction also applies to any System 98 or ...
(Date:6/14/2017)...  In 2016, Embodied Labs took top ... and came away with $25,000 in seed-fund investment. Embodied ... as "entering the life of another" and by the ... to medical professionals in an entirely new dimension." Building ... finalist for the Department of Education,s EdSimChallenge, where they ...
(Date:6/10/2017)... BESSEMER, Ala. , June 9, 2017  Shane K. Burchfield, ... Member recognized for excellence as a Podiatrist in Alabama ... of Podiatry at Family First Foot Care. He brings over 20 ... sports medicine, pain management and healthcare, to his role. ... Family First Foot Care, PC is pleased to welcome ...
Breaking Medicine Technology: