NORTH CHICAGO (dpa-AFX) - Abbott (ABT) announced intention to separate Nutrition business into an independent, publicly traded company. Daniel Salvadori, executive vice president and group president, Established Pharmaceuticals and Nutritional Products, will become chief executive officer of the new Nutrition company. With about 16,000 employees and 14 manufacturing sites, the new company will have scale across developed and emerging markets.
Abbott intends to separate the Nutrition business through a distribution of shares of the independent Nutrition company to Abbott shareholders. Upon completion, Abbott shareholders will own shares in both Abbott and the independent Nutrition company. Abbott expects to complete the transaction by the end of 2027. The planned separation will not impact Abbott's guidance for 2026 or the guidance for 2027 that Abbott plans to provide in January.
Abbott expects to incur one-time charges related to the transaction during the periods preceding the separation.
In pre-market trading on NYSE, Abbott shares are down 3.61 percent to $98.99.
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