December 05, 2017 - 10:51 AM
NEW YORK - Nestle, the maker of Hot Pockets and Purina dog food, is expanding into vitamins and supplements by buying Atrium Innovations for $2.3 billion.
Canada-based Atrium Innovations makes Garden of Life gummy vitamins, protein powder and protein bars. Atrium also makes fish oil capsules and other supplements under different brand names.
Packaged food makers like Nestle are looking for ways to appeal to people who favour fresher foods or worry about the ingredients they eat. Nestle, for example, recently bought frozen vegetarian burrito maker Sweet Earth.
The Swiss food and beverage giant is buying Atrium from a group of investors led by private-equity firm Permira Funds. It expects the deal to close in early 2018 and Atrium will become part of Nestle's health science business, which makes Boost shakes.
News from © The Associated Press, 2017