CEO of baby formula manufacturer Mead Johnson dismisses rumors of being acquired by Nestle, calls talk 'pure speculation'
November 10, 2011
– The president and CEO of the world’s largest standalone manufacturer of baby formula, Mead Johnson Nutrition, dismissed rumors that his company is being taken over by Nestle AG, China Daily reported Nov. 10.
Stephen W. Golsby called the rumors “pure speculation” and said that Mead Johnson is focusing on its core business infant and child nutrition.
According to Euromonitor International Inc., buying Mead Johnson would help Nestle occupy about half of the market for baby formula and achieve the number one slot in China.
According to a July report from the China Nation Commercial Information Center, Mead Johnson led in China with 12.06% of the baby formula market. Nestle was second with 10.58% and Abbott Laboratories Ltd had 7.29%.
The primary source of this article is China Daily, Beijing, China, on Nov. 10, 2011.