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Nestle To Buy Pfizer's Infant-Nutrition Line

RENEE MONTAGNE, HOST:

NPR's business news starts with an acquisition for Nestle.

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MONTAGNE: Swiss food company Nestle announced today that it buy the infant nutrition business from the pharmaceutical company Pfizer. The move is likely aimed at boosting Nestle's presence in China. Nestle is paying just under $12 billion. It estimates 85 percent of this year's sales for that Pfizer unit will come from emerging markets. Before announcing this purchase, Nestle already had the largest share of the global baby-formula market at just under 20 percent. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.