Abbott to Acquire Nutrition Businesses, Expanding Presence in India

29-Jul-2009 - India

Abbott announced 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 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."

These transactions are subject to customary closing conditions and various approvals. Abbott expects the transactions to close in the second half of 2009.

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