Abbott to pay $130M for Indian nutrition company

Abbott Labs, maker of Similac infant formula, said it'll buy the largest nutritional product operation in India for $130M cash, expanding its presence in the Asian region. Abbott said it will acquire the nutrition businesses of Wockhardt Limited, Carol Info Services Limited & certain Wockhardt subsidiaries. It said Wockhardt is India's leading local manufacturer of pediatric nutritional products, has a strong commercial org & several leading pediatric & adult nutritional brands. "This acquisition is an excellent strategic fit for Abbott to accelerate growth of its nutrition business in India, where nutritional market is expected to experience strong growth in the coming years," Holger Liepmann, EVP of Abbott global nutrition business said. "Combining trusted nutrition products, local mfg. capability & commercial infrastructure with Abbott's existing pediatric & adult nutrition offerings positions Abbott very well to serve Indian consumers."