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 | The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia. Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty. Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |