Abbott has announced a definitive agreement to acquire the nutrition businesses of WockhardtLimited, Carol Info Services Limited, and certain Wockhardt subsidiaries andgroup companies for consideration totaling approximately US$130 million incash.
Wockhardt, based in Mumbai, India, has a significant presence in India'spediatric and adult nutrition segments with infant formulas, weaning foods andadult protein supplements. These products hold the number two position inIndia's pediatric nutrition category with Farex , Dexolac and Nusobee infantformulas and Farex weaning cereal. The adult protein supplement, Protinex ,is the segment leader. These transactions also include nutrition manufacturingfacilities located in Lalru and Jagraon, India.
"This acquisition is an excellent strategic fit for Abbott to accelerategrowth of its nutrition business in India, where the nutritional market isexpected to experience strong growth in the coming years," said HolgerLiepmann, executive vice president, Global Nutrition, Abbott. "Combining thesetrusted nutrition products, local manufacturing capability and commercialinfrastructure with Abbott's existing pediatric and adult nutrition offeringspositions Abbott very well to serve Indian consumers."
Abbott's international nutrition business is an important growth driverfor the company and has had particularly strong growth in China, SoutheastAsia and Latin America in recent years.
The acquisition includes approximately 600 employees in total. Abbott hasapproximately 1,500 employees in India across all of its businesses and hasbeen operating in India since 1910. Abbott offers Isomil , PediaSure , Ensureand Glucerna in India and plans to introduce additional products from itsbroad-based nutritional portfolio to Indian consumers in the coming years.