NORTH CHICAGO, Ill. (AP) -- Abbott Laboratories said Tuesday it is expanding its nutritional business footprint in India with the $130 million buyout of a Wockhardt Ltd. unit.
The nutritional brands unit of Mumbai-based Wockhardt makes infant formulas, weaning foods and adult protein supplements. The deal also includes manufacturing facilities in Lalru and Jagraon, India, adding to Abbott's existing business in the country.
Under the deal, Abbott acquires about 600 employees in India, adding to its 1,500 employees across that nation.
The acquisition is not expected to affect Abbott's profit guidance for 2009 and the deal is set to close during the second half of the year.
Shares of Abbott rose 32 cents to $45.35 in morning trading.