New owners for Pfizer Limerick plant as Nestlé buys nutrition business
Pfizer Nutrition plant in Askeaton
Pharmaceutical giant Pfizer has agreed to sell its nutrition business to Nestlé for $11.85bn (€9bn) in cash, it was announced today.
The announcement, which follows a review of operations nine months ago, will affect the approximately 600 employees at the Pfizer nutrition plant in Askeaton, Co Limerick.
It is expected that all jobs at the site, which exports formula to 65 countries and which also co-houses the product development function for the global Pfizer nutrition business, will be transferred to the new owners, Pfizer said in a statement.
Products from the plant, which was established in 1974, include SMA infant formula and Promil Progress.
Pfizer’s nutrition business recorded revenues of approximately $2.1bn in 2011 (€1.6bn), an increase of 15% versus 2010.
Senior Pfizer executive Amy Schulman said the transation was "a testament to the success of the Nutrition business, including its excellent reputation, talented colleagues, high-quality products and market reach".
Pfizer will update its 2012 financial guidance to reflect its decision to divest the Nutrition business to Nestlé when it reports its first-quarter 2012 financial results on May 1.
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in certain jurisdictions.
The sale is expected to be completed by the first half of 2013.
Click to stay connected with
more stories like this:
more stories like this:
