Nestlé Reports Growth In Pet Care Division
Switzerland-based food giant Nestlé has reported pet care division sales at about $9.871 billion for the first nine months of 2010, compared to $9.819 billion during the same time period a year ago.
The Vevey, Switzerland-based company cited the recent acquisition of Waggin’ Train, an Anderson, S.C.-based pet treat marketer, as a period highlight. As part of the deal, Waggin’ Train became a wholly-owned subsidiary of St. Louis-based Nestlé Purina PetCare Co.
During a press conference today, Pat McGinnis, Nestlé Purina Petcare Co. president and CEO, said such acquisitions are just one of ways the company will fuel growth in the coming year. Nestlé Purina Petcare also plans to focus on consumer insights and the launch of new products, such Purina One Beyond, which is slated to launch in mid-January.
“The Waggin’ Train acquisition and launch of Beyond are both examples of how we will continue our history of growth in a highly developed market place,” McGinnis said. “Our brands, as well as the pet care category, have been very resilient during the economic downturn, and we believe it is innovation and renovation that will contrite to drive both the pet care category and Nestlé Purina’s business.”
In fact, McGinnis said Nestlé Purina Petcare’s annual goal is to derive 20 percent of sales from new innovative products and products that have been significantly improved.
“That means that every single year, more than $1.2 billion in annual sales have to be generated from our innovation and renovation program,” he said.
Revenue for the company overall was up in the first half of 2010. Nestlé reported total sales of about $84.6 billion for the first half of 2010, compared to about $81.3 billion in the year-ago period.