ZURICH (Reuters) - Nestle's health science division is investing $70 million in a product technology center that will become the unit's new U.S. headquarters and research hub, the division said on Friday.
The Bridgewater, New Jersey center will further Nestle's healthcare push as the Swiss company delves deeper into nutritional therapy and the high-margin medicines arena.
Opening in 2016, the hub will relocate the unit's current research and development activities from Minneapolis and its current headquarters from nearby Florham Park.
"The new facility will house the latest technologies and people in the field, uniting our R&D and business teams in a region with strong life-science activity," division head Greg Behar said. "It will enhance and accelerate the quality and speed to market of Nestle Health Science's innovations that improve nutritional status and health outcomes."
Behar will update media and investors on the business at Nestle's nine-month sales conference on Oct. 16 at the company's Vevey, Switzerland headquarters.
(Reporting by Brenna Hughes Neghaiwi, editing by David Evans)