Mead Johnson Nutrition (NYSE: MJN), a global leader in pediatric nutrition, and SanCor Cooperativas Unidas Ltda. of Argentina, the leading dairy producer in Argentina, today announced an undertaking in principle to form a joint venture that will bring leading and innovative nutritional products to infants and children in Argentina and the other Southern Cone markets.
The new joint venture – which would be owned 80% by Mead Johnson and 20% by SanCor – will develop dairy nutrition technology and provide science-based infant formulas and growing-up milks for babies and children. Working as an independent entity, it will develop and market products exclusively under the “SanCor Bebe” brand.
As a result of this alliance – as well as the combined marketplace experiences, insights and scientific research of the two companies – parents of babies and health care professionals can count on the continued availability and development of high quality, innovative pediatric nutrition products.
SanCor is an Argentinean dairy cooperative that was founded in 1938 and is well-recognized, nationally and internationally, for its production expertise and high-quality products. Mead Johnson has been creating innovative infant and children’s nutrition products for over 100 years, and is well-known for its unwavering commitment to science and quality and for its deep understanding of consumer needs.“This alliance brings 73 years of SanCor´s experience and its strong brand portfolio and manufacturing capabilities together with more than a century of innovation in pediatric nutrition science from Mead Johnson,” said James Cornelius, Mead Johnson’s Chairman of the Board. SanCor will continue to operate its core dairy products business, while Mead Johnson will consolidate its activities for milks through the new alliance. The joint venture does not involve any changes in SanCor´s ownership; both companies will contribute to the formation of a new team to lead the new business. “We see this as a wonderful opportunity to partner with another great brand and to bring important and beneficial nutritional products to families and healthcare professionals in Argentina and the other Southern Cone countries. This significant investment demonstrates our strong confidence in the growth potential of the Latin American market, as well as the skilled workforce in Argentina,” commented Steve Golsby, President and CEO of Mead Johnson.
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