Nestlé SA, the Swiss food and beverage company, announced today the acquisition of Pfizer’s Inc.’s infant nutrition business.
Nestlé, whose U.S division is based in Glendale, purchased the company for $11.85 billion.
Pfizer Nutrition’s portfolio of products includes specialty infant and toddler formulas, as well as maternal and adult nutrition products. The company reported revenues of $2.1 billion, a 15 percent increase from 2010.
In a prepared statement, Paul Buckle, Nestlé’s CEO said infant nutrition has been at the heart of the company since Nestlé’s founding in 1866 and the acquisition is a “strategic fit.”
“Its strong brands and product portfolio, its talented people dedicated to the success of its business, together with its geographic presence – 85 percent of its sales are in emerging markets - will complement our existing infant nutrition business perfectly,” Buckle said. “The combined entities will enable us to deepen our engagement with consumers, offering them a wider choice of nutritious food to ensure their children make a healthy start to a healthy life.”