Swiss food firm Nestlé has announced that it has completed the acquisition of Pfizer's nutrition division, in a deal valued at $11.85bn, strengthening its position in the global nutrition market.
The integration process of Pfizer Nutrition into Nestlé Nutrition is currently underway. It will result in approximately 4,500 employees of Pfizer Nutrition joining Nestlé.
The Swiss firm noted that Pfizer Nutrition's brands and product portfolio, together with its geographic presence, complements its infant nutrition business, while expanding its product offerings.
In Australia, Nestlé's commitments in order to complete the acquisition have satisfied the regulators. However, the regulatory approval process is still underway in Kenya, South Africa and five Latin American countries. The company said that it is reviewing its strategic options in these countries.
Pfizer Nutrition, which became part of Pfizer following its acquisition of Wyeth in 2009, sells baby formula and maternal supplements and owns formula brands such as SMA Gold, S-26 Gold and Promil Gold. It has 85% of its sales are in emerging markets has revenues of $2.1bn with an annual growth rate of 8%.
