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September, 2006 Pragati Maidan, New Delhi, India |
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Wockhardt Scoops Up Dumex, Adds Protinex, Farex To Kitty
The Rs 1.4mn company, Wockhardt, has acquired Dumex India, along with two of its leading nutrition brands — Protinex and Farex — from Royal Numico of The Netherlands in a bid to expand its presence in the nutritional segment.
Financial details of the deal were not disclosed. The two brands currently generate annual sales of Rs 6mn and the deal size could be in the region of about Rs 10mn.
“Acquisition of Protinex and Farex is a critical milestone in our growth plans in the nutrition business,” Wockhardt chairman Habil Khorakiwala said. According to the company, Protinex and Farex are a natural fit to the company’s nutritional product range.
Their acquisition will see Wockhardt’s nutrition products sale doubling to Rs 120 crore. Farex, a baby food brand well-known to Indian mothers was sold by Heinz to Royal Numico in the last one year.
Wockhardt claims that it is the market leader with a 15% share of the Indian nutrition market as per ORG-IMS. Wockhardt is also in talks with reputed global companies for in-licensing medical nutrition products suitable for the Indian market. The global market for medical nutrition is worth $32.5bn.
As part of the deal, Dumex’s existing business, including its manufacturing facility and 235 employees will also be transferred to Wockhardt. Wockhardt will change the acquired company’s name ‘Dumex’ within six months.
Protinex, acquired by Dumex from Pfizer in ‘02, is the market leader and the largest prescribed brand in its category, growing over 20% in volume in recent years. A growing over-the-counter segment of consumers has also emerged over the years, who consume the brand for everyday health.
Date: 02-Jul-2006
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