SWITZERLAND/UK: ABF buys food and drink brands from Novartis
UK food manufacturer Associated British Foods (ABF) has agreed to buy the food and beverage business of Swiss healthcare group Novartis for €272.5m (US$267.2m). The sale includes the popular bedtime drink brands Ovaltine and Ovomaltine as well as the Caotina chocolate drink and the Lacovo malt drink brands. ABF already has a stake in the hot beverage business through its Twinings tea subsidiary. "We are buying a business growing annual sales at 4%, which will give us critical mass in hot beverages, building on the strength of our Twinings tea," said ABF chief executive Peter Jackson in an interview quoted by Reuters.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Analysis: Post discusses rationale for Weetabix
- Interview: Sir Kensington's on sale to Unilever
- US food next wave on display at Winter Fancy Food
- Column: Why snacking is the new meal
- Who will buy Danone's Stonyfield business?
- Unilever buys US condiments maker Sir Kensington's
- Ice cream helps Unilever sales, food flat
- Suntory to offload Australia, New Zealand foods
- Nestle organic growth slows but beats expectations
- Post: Weetabix "opens up M&A opportunities"