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NEW YORK, May 7, 1997 -- Bristol-Myers Squibb Company today announced that it has signed a purchase agreement to acquire Choco Milk(TM), Mexico's leading milk-based nutritional supplement, from Procter & Gamble de Mexico, S.A. de C.V. Once the acquisition is completed, Choco Milk will become a product of the company's Mead Johnson Nutritionals division.
Choco Milk, a chocolate-flavored nutritional powder that is added to milk, is Mexico's most widely recognized nutritional supplement for children.
"The addition of Choco Milk to Mead Johnson's product portfolio is consistent with the company's strategy of developing and growing our consumer nutritionals business," said Ian I. Stuart, President, Mead Johnson Nutritionals. Mead Johnson Nutritionals is a worldwide leader in science-based nutritional products and a leading manufacturer of infant formula.
Choco Milk has been a staple in Mexican families since its introduction in 1928 and is widely available in food and drug outlets. It was the first milk modifier in the Mexican market and is known for providing children with the nutritional supplementation they need for proper development. Choco Milk contains a balance of 17 vitamins and minerals. An animated character, Pancho Pantera, created in the 1950's to promote nutritional needs and awareness and to advertise Choco Milk, has higher recognition among Mexican youth than either Superman or Mickey Mouse, based on 1989 awareness research by Procter & Gamble. The brand is endorsed by the Mexican Pediatric Association.
Choco Milk will be the second purchase of a major Mexican consumer product this year by Bristol-Myers Squibb. In March, the company acquired Sal de Uvas Picot, a leading effervescent antacid product.
Completion of the purchase of Choco Milk is subject to approval by the Mexican Federal Competition Commission and by the Procter & Gamble Board of Directors.
Bristol-Myers Squibb is a diversified worldwide health and personal care company. Its principal businesses are pharmaceuticals, consumer products, nutritionals and medical devices. It is a leading maker of innovative therapies for cardiovascular, metabolic and infectious diseases, central nervous system and dermatological disorders, and cancer. The company is also a leader in consumer medicines, orthopaedic devices, ostomy care, wound management, nutritional supplements, infant formulas, and hair and skin care products.
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