Biostime swallows Swisse

Chinese company buys 83% stake in vitamin maker

Biostime International Holdings Ltd, a Chinese nutrition and baby care products provider, is buying 83 percent stake in Australian vitamin maker Swisse Wellness Group Pty Ltd for about A$1.38 billion ($989.27 million), to cash in on Chinese consumer's growing demand for health products.

Biostime is acquiring the stake in Swisse, Australia's top provider of vitamins, herbal and mineral supplements products. "The acquisition will help Biostime enter the adult supplements segment with powerful and well-known products and provide the Swisse brand an ideal expansion platform in China," the Chinese company said in a statement.