Novartis to set up joint company with Quaker Oats
The Swiss life sciences group, Novartis, has confirmed reports that it is setting up a functional foods joint venture in North America with US company, Quaker Oats.
The Swiss life sciences group, Novartis, has confirmed reports that it is setting up a functional foods joint venture in North America with US company, Quaker Oats.
The Wall Street Journal and Financial Times newspapers reported that the new 50-50 venture would be called Altus Food Co. and be based in Chicago. Novartis is to issue a full statement later in the day.
The new company aims to combine Quaker Oats' processing and branding skills with Novartis's pharmaceutical expertise to meet consumers' growing appetite for foods with demonstrated health benefits.
The global markets for such products is estimated at just under SFr100 billion, and is set set to grow around 15 per cent a year.
From staff and wire reports.
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