23 October 2018 - Deborah Wilkes
News in brief from Nestlé, Abbott, DKSH and Keystone Laboratories.
Nestlé reports results
Nestlé said its Nestlé Skin Health business – which is currently the subject of a strategic review (click here to read the News story) – had achieved "high single-digit organic growth" in the first nine months of 2018.
The Swiss company added that its Nestlé Health Science business had recorded "mid single-digit organic growth", supported by the medical nutrition and consumer care products as well as the expansion of Atrium Innovation's products into food, drug and mass channels.
Nestlé Skin Health and Nestlé Health Science are part of Nestlé's Other Businesses operating segment along with Gerber Life Insurance and the Nespresso coffee business. Other Businesses recorded sales up by 12.1% to CHF8.85 billion (USD8.87 billion) in the first nine months of 2018. Organic growth was 6.0%.
Acquisitions had lifted sales by 5.4%, said Nestlé, noting this was mainly due to the consolidation of Atrium Innovations in Nestlé Health Science. Nestlé acquired Canadian vitamins, minerals and supplements (VMS) specialist Atrium Innovations in early 2018 from a group of investors led by Permira Funds for USD2.3 billion in cash (click here to read the News story).
Worldwide sales at Nestlé increased by 2.0% as reported to CHF66.4 billion in the first nine months of 2018. Adjusted for currency and portfolio changes, organic growth was 2.8% with real internal growth of 2.3% and pricing growth of 0.5%.
The company noted that net acquisitions had increased sales by 0.1% following the purchase of Atrium Innovations.
Abbott promotes Ford
Abbott has promoted Robert Ford to president and chief operating officer with immediate effect. In addition to his existing role as executive vice president of Abbott's Medical Devices business, Ford will assume responsibility for all of the US-based company's operating businesses.
Ford, who has been with Abbott for 22 years, will continue to report to chairman and chief executive officer Miles White.
DKSH seeks new chairman
DKSH is seeking a new chairman to replace Joerg Wolle who plans to stand down at the company's Annual General Meeting on 21 March 2019. Wolle has been with the market expansion services provider for 28 years, including 18 years as chief executive officer.
Consent decree issued in US
A federal court in the US has issued a consent decree against OTC drug manufacturer Keystone Laboratories. According to the complaint filed with the decree, Keystone manufactured OTC haircare and skincare products that violated federal law.
The Tennessee-based company must stop selling OTC drugs until it completes corrective actions including hiring a qualified independent expert to inspect its facility and ensure it complies with the Federal Food, Drug, and Cosmetic Act. Keystone cannot restart operations until it receives authorisation from the US Food and Drug Administration (FDA).
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