GlaxoSmithKline Plc’s new Chief Executive Officer Emma Walmsley is shaking up the British drugmaker’s portfolio of smaller products with plans to divest its MaxiNutrition sports nutrition brand, two people familiar with the matter said on Thursday.
GSK bought the business, which makes protein bars, drinks and powders, for 162 million pounds ($205 million) in 2010 under previous CEO Andrew Witty. It is best known for its Maximuscle products for weight-trainers.
The original acquisition was seen as complementing GSK’s Lucozade sports drinks. Lucozade, however, was sold in 2013 and Walmsley, who took over on April 1, has decided the UK-focused MaxiNutrition business no longer fits in the wider group.
GSK’s consumer healthcare business, which was previously led by Walmsley and includes an extensive range of over-the-counter medicines, is heavily geared towards global brands.
The proceeds from the sale of MaxiNutrition will not move the dial significantly at the drugs giant, which has a market value of 85 billion pounds, but the decision shows Walmsley is ready to reverse past management decisions.
A spokesman for GSK declined to comment on the divestment plans, which were first reported by Sky News.
Walmsley is due to outline her vision for GSK alongside half-year results next month. She has already made clear that a key priority will be improving research productivity in the core prescription drug business. ($1 = 0.7885 pounds)
By Ben Hirschler and Pamela Barbaglia
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.