Altus dissolved
This article was originally published in The Tan Sheet
Executive Summary
Novartis, Quaker discussing future of products and assets in functional foods joint venture whose operations ceased at end of 2001, Quaker says. The 50/50 joint venture, housed in Quaker's Chicago offices, was formed in February 2000 with initial intent of marketing functional foods targeting health concerns of women, athletes and elderly. In 2001, Altus test-marketed Quaker Take Heart cereals, snack bars, juices in New York state and Women's Individual Nutrition cereals, snack bars, smoothies in Colorado. Novartis says joint venture termination was discussed and agreed upon when PepsiCo acquired Quaker Oats last year. Dissolution also reflects Novartis' move away from functional foods; in February, firm announced plans to divest its health and functional foods unit (1"The Tan Sheet" Feb. 11, 2002, p. 12)...
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