Abbott invests in growing Indian functional foods market
The Illinois-based company has signed a definitive agreement to purchase the nutritional business of Wockhardt and its subsidiaries for $130m.
Based in Mumbai, India, Wockhardt claims to hold leading positions in the Indian market for infant formulas, weaning foods and adult protein supplements.
The company said its infant formulas Farex , Dexolac and Nusobee, as well as its Farex weaning cereal place it in the number two position in the country’s pediatric nutrition market. It claims its protein supplement Protinex is the segment leader.
The deal, which is subject to standard closing conditions and approvals, includes nutrition manufacturing facilities in India’s Lalru and Jagraon, together with around 600 employees.
Holger Liepmann, executive vice president of Global Nutrition at Abbott said the acquisition would allow the firm to accelerate growth in its nutrition business in India “where the nutritional market is expected to experience strong growth in the coming years".
