Nestle confirms acquisition of Pfizer's infant nutrition businessApril 23, 2012 - 09:44 AMT PanARMENIAN.Net - Swiss food group Nestle said on Monday, April 23 it would buy U.S. drugmaker Pfizer's infant nutrition business for $11.85 billion, beating out French rival Danone as both sought to gain preeminence in the lucrative baby food market. "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," Nestle Chief Executive Paul Bulcke said, Reuters reported. Nestle reported earlier that first-quarter sales rose a healthy 5.6 percent from a year earlier, fueled by strong growth in emerging markets and higher retail prices. The sales amounted to 21.39 billion Swiss francs ($23.34 billion), though demand in developed markets was subdued amid global financial uncertainty in the United States - its biggest market - and Europe. Sales in developed countries grew 3.1 percent, compared with a 13 percent rise in emerging markets. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Russia clarifying reports on Baku’s alleged arms supply to Ukraine Russia says is carefully working to verify reports about alleged arms supplies from Azerbaijan to Ukraine Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. |