Garden Hills currently owns more than 80 percent of Veropharm but is expected to own more than 95 percent by the time the transaction closes. Pursuant to the agreement, Abbott will also assume net debt of 4.7 billion rubles (or approximately $136 million U.S. dollars).
The $270 million nutritional drinks manufacturing plant that Abbott will open is expected employ 240 jobs. The plant will produce two Abbot brands, Ensure and Glucerna, for the North American market.
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