Most Active Stories
- Some billing relief for National Grid customers after bitter winter
- Cortland among counties to pull out of SAFE Act pilot program
- Wegmans takes a stance on genetically modified food
- Groups call growing oil shipments in NY Cuomo's "Keystone" moment
- Nuclear waste facility in political and environmental limbo
Nestle To Buy Pfizer's Infant-Nutrition Line
Originally published on Mon April 23, 2012 7:09 am
RENEE MONTAGNE, HOST:
NPR's business news starts with an acquisition for Nestle.
(SOUNDBITE OF MUSIC)
MONTAGNE: Swiss food company Nestle announced today that it buy the infant nutrition business from the pharmaceutical company Pfizer. The move is likely aimed at boosting Nestle's presence in China. Nestle is paying just under $12 billion. It estimates 85 percent of this year's sales for that Pfizer unit will come from emerging markets. Before announcing this purchase, Nestle already had the largest share of the global baby-formula market at just under 20 percent. Transcript provided by NPR, Copyright NPR.