Danone to acquire US baby food maker Happy Family

PARIS (AP) -- French yogurt maker Danone says it has agreed to take a more than 90-percent stake in organic baby food maker Happy Family.

Although Danone is known for its yogurt, baby food is one of its fastest-growing divisions. Revenue there rose more than 15 percent last year. But with Europe's economic crisis hitting sales hard in markets close to home, the Paris-based company has been looking for opportunities to expand abroad.

Danone said Monday that Happy Family, based in New York, holds a 4 percent share of its home market and is growing quickly.

The transaction, for which no financial details were disclosed, must be approved by French and American authorities. It should be finalized in the coming months.