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December 6, 2007 |
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FRESENIUS SE: Kabi Arm to Acquire Nestle French & Spanish Units Fresenius Kabi, a unit of Fresenius SE, has reached an agreement to acquire Nestle's enteral nutrition businesses in France, Novartis Nutrition S.A.S., and in Spain, Nestle Healthcare Nutrition Spain. With this acquisition, Fresenius Kabi strengthens its fast- growing segment Clinical Nutrition and significantly expands its market position in France and Spain. Novartis Nutrition holds a leading position on the French enteral nutrition market and offers a comprehensive portfolio of sip and tube feeds and corresponding medical devices. With this acquisition, Fresenius Kabi will significantly improve its market position and will become the second largest provider of enteral nutrition products in France. Nestle Healthcare Nutrition Spain has successfully established itself as a renowned provider of enteral nutrition products in the Spanish market during the last few years. The acquisition will provide Fresenius Kabi with access to the Spanish enteral nutrition market. In 2007, the businesses are projected to achieve combined sales of approximately EUR55 million. The European Commission made the divestiture of the businesses a condition in connection with Nestle's acquisition of the worldwide clinical nutrition business of Novartis. Completion of the transaction was subject to both the approval of the European Commission and consultation and information of employees' representatives in France and Spain, all of which have now been satisfactorily completed. The parties agreed not to disclose the purchase price. The transaction is expected to close in 2007. About Fresenius SE Headquartered in Bad Homburg, Germany, Fresenius SE -- http://www.fresenius.com/ -- is a global health care company with products and services for dialysis, the hospital and the medical care of patients at home. The Fresenius Group consists of three business segments, each of which is responsible for its own business operations worldwide: Fresenius Medical Care, Fresenius Kabi and Fresenius ProServe. The company also operates in Italy, Spain, France, U.K., Austria, Switzerland, the Netherlands, Belgium, Norway, Sweden, Poland, Canada, Mexico, U.S.A., Brazil, China, Korea, Australia, South Africa and Portugal. * * * As of Dec. 4, 2007, Fresenius SE carries Ba2 Corporate Family and Probability-of-Default ratings from Moody's Investors Service. Moody's said the outlook is positive. The company carries BB Long-term Foreign and Local Issuer Credit ratings from Standard & Poor's. S&P said the outlook is stable. Fresenius also carries BB Long-term Issuer Default and Senior Unsecured Debt ratings and B Short-term and Short-term Issuer Default ratings from Fitch, which said the outlook is stable. |
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