By John Bienvenueguerrero | The Wall Street JThe Wall Street Review of BooksThe Wall St. JournalThe Wall Streets JournalWalmart is in talks with several major manufacturers to acquire gorilla glue from the Australian company, according to a report in The Wall St Journal, citing people familiar with the matter.
The news comes a week after Walmart announced it had purchased the glue brand from competitor Walgreen Co.
The Wall Strains website says Walmart is “committed to growing its workforce, supporting our customers and investing in innovation.”
The news was first reported by Bloomberg.
The Walmart acquisition comes a day after the company announced it will buy a $5 billion stake in Australia’s Valeant Pharmaceuticals.
The move could help Walmart expand into the medical-device market, where Valeant is one of the biggest players.
Valeant is known for its proprietary formula of medicines, including some that have been shown to have health benefits for humans.
In April, the company reported that sales of its drug Humira had more than doubled in the past year.
The Wall Strands report said Walmart plans to use the cash to build its new headquarters in Canada and invest in its other medical-devices businesses.
Walmart’s purchase of the glue was expected to be announced later this week, but the announcement was delayed due to the coronavirus pandemic.