New GlaxoSmithKline CEO Looks To Unload Sports Nutrition Brand Successor Bought For $205 Million
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 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.