Ovaltine sale overseas
This article was originally published in The Tan Sheet
Executive Summary
UK-based Associated British Foods picks up rights to malt-based product line worldwide, except for U.S. and Puerto Rico, with acquisition of Novartis' Food & Beverage business for about $267.5 mil. ($1=€1.02), firms announce Oct. 8. Himmel Nutrition has held U.S. licensing rights to Ovaltine since 1992, according to Novartis. Divested F&B business generated approximately $239.5 mil. in 2001 sales, constituting 43% of Health & Functional Food division's revenue; Novartis announced plans to divest the division in February (1"The Tan Sheet" Feb. 11, 2002, p. 12). Negotiations to sell other H&FF businesses, including Sports Nutrition division, "are proceeding," firm says. Benefiber, Resource Wellness supplement lines are housed in Novartis' Medical Nutrition unit, which is not for sale...
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