Nestle completes takeover of US babyfood leader Gerber
Swiss food giant Nestle said on Monday that it had completed its $5.5 billion takeover of Gerber, the biggest baby food maker in the United States.
By Agencies |
VEVEY: Swiss food giant Nestle said on Monday that it had completed its $5.5 billion takeover of Gerber, the biggest baby food maker in the United States.
The move, which took effect on September 1, followed successful conclusion of regulatory approval, Nestle said in a statement.
"This is a major step in Nestle's transformation into the world's leading nutrition, health and wellness company: it gives the group the number one position in the largest single baby food market worldwide, the USA, and clearly establishes Nestle Nutrition as the global leader in this sector," it added.
Nestle announced the deal to to buy Gerber from the Swiss pharmaceutical group Novartis in April, in a bid to secure Gerber's 79-per cent market share in the United States, the world's largest baby food market.
The Swiss giant is widely regarded as the world number one for baby foods, but Gerber's dominance in the United States had stifled Nestle's progress.
The move, which took effect on September 1, followed successful conclusion of regulatory approval, Nestle said in a statement.
"This is a major step in Nestle's transformation into the world's leading nutrition, health and wellness company: it gives the group the number one position in the largest single baby food market worldwide, the USA, and clearly establishes Nestle Nutrition as the global leader in this sector," it added.
Nestle announced the deal to to buy Gerber from the Swiss pharmaceutical group Novartis in April, in a bid to secure Gerber's 79-per cent market share in the United States, the world's largest baby food market.
The Swiss giant is widely regarded as the world number one for baby foods, but Gerber's dominance in the United States had stifled Nestle's progress.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
