Bayer strikes deal to buy Schiff Nutrition
summary：BayerHealthCare has agreed a deal to buy vitamins and supplements firm Schiff Nutrition for $1.2 billion....
BayerHealthCare has agreed a deal to buy vitamins and supplements firm Schiff Nutrition for $1.2 billion.MegaRed and Move Free manufacturer Schiff has ridden the crest of the recent health supplements boom and generated net sales of $259 million in the year ending 31 May. Last month, the company confirmed that it expects to deliver a 43-46% increase in net sales for the fiscal 2013, partly driven by the acquisition of its Airborne brand in March 2012.
“Bayer is committed to augment its organic growth with strategic bolt-on acquisitions. This transaction represents an excellent strategic fit for our HealthCare business,” said Dr Marijn Dekkers, Bayer AG’s chief executive.
“The Schiff business significantly enhances our presence and position in the United States, which accounts for more over-the-counter and nutritional products sales than any other country in the world.”
“We are focused on building premium brands and leading innovation. We believe Bayer is well positioned to take our leading brands to the next level,” added Tarang P Amin, Schiff’s president and chief executive.
Schiff currently employs around 400 staff at sites in Salt Lake City, Utah and Emeryville, California.
The deal is expected to close by the end of the year.