* To buy privately owned U.S. dog snacks business
* U.S. company had annual sales of $200 million
* Transaction has U.S. approval, no price disclosed
(Adds further details, background)
ZURICH, Sept 13 (Reuters) - Nestle NESN.VX, the world’s biggest foods group, is buying privately owned U.S. dog snacks business Waggin’ Train, the group said on Friday, to boost its presence in a fast-growing segement of the petfoods market.
Nestle did not give any details on the price of the deal, which had already received U.S. regulatory approval and is expected to be completed by the end of September.
Waggin’ Train, which had sales of around $200 million for the 12 months ending June 2010, will become a subsidiary of Nestle’s Purina PetCare Company.
Nestle said that within the pet care industry the dog snacks category has enjoyed higher than average growth, and Waggin’ Train has been the segment’s fastest growing leading brand with annual growth rates of around 30 percent over the last three years.
Last year Nestle had revenues of nearly 13 billion Swiss francs ($12.81 billion) from products for pets.
Nestle, which has annual sales of over 100 billion Swiss francs ($98.52 billion), has plenty of firepower with $28 billion from the sale of its remaining stake in eyecare group Alcon ACL.N at the beginning of this year. ($1=1.015 Swiss Franc) (Reporting by Zurich newsroom; Editing by Greg Mahlich)