NESTLE POWERS UP
By Adnews Staff
Nestle USA of Glendale, California is expanding its presence in the nutrition sector with the purchase of PowerBar Inc. of Berkeley, California. "PowerBar in the leading energy and nutrition bar in the U.S.," Joe Weller, chairman and chief executive officer, Nestle USA said in a release. PowerBar's two subsidiaries, PowerBar Foods Canada Inc. of Toronto and PowerBar Europe GmbH of Munich, are also included in the deal. Financial details of the transaction were not disclosed but Nestle said it does expect to pay for part of the deal through an exchange of existing Nestle shares. PowerBar's products include its original line of PowerBar energy bars, PowerBar Harvest whole grain energy bars, chocolate- or yogurt-coated PowerBar Essentials nutrition bars, PowerBar ProteinPlus protein bars, PowerGel energy gel and PowerBar Perform sports drink. Nestle's brands include Stouffer's Lean Cuisine, Nestle Carnation, Nescafe, Friskies and Fancy Feast. Nestle USA is part of Swiss-based food company Nestle S.A.