Weider Nutrition Sells Haleko Unit
18 6월 2005 - 5:09AM
Business Wire
Weider Nutrition International, Inc. (NYSE:WNI) today announced the
sale of its Haleko Unit, the company's European subsidiary, to
Atlantic Grupa of Zagreb, Croatia. Pursuant to the terms of the
purchase agreement, the company received approximately $15.0
million (at current exchange rates) in exchange for the capital
stock and partnerships interests of the international subsidiaries
that operate the Haleko business. Haleko develops, manufactures and
markets nutrition products primarily under the Multipower(R) and
Multaben brands, as well as for a number of private label
customers. For the nine months ended February 28, 2005, the Haleko
Unit generated net sales of approximately $49.7 million and a loss
from operations of $941,000. The company anticipates that it will
recognize a transaction related pre-tax, non-cash asset impairment
loss of approximately $9.6 million in its fiscal 2005 fourth
quarter, subject to final determination of exchange rates and
applicable transaction costs. The transaction closed on June 17,
2005, and is effective in the company's fiscal 2006 first quarter.
Bruce Wood, president and chief executive officer, stated, "With
the Haleko Unit sale, we will continue to focus on growth
initiatives for our Schiff(R) nutritional supplements business,
including the market-leading Schiff Move Free(R) brand.
Additionally, the transaction enhances our ability to explore
significant new product initiatives and acquisitions that represent
a sound strategic fit with our domestic Schiff business." About
Weider Nutrition Weider Nutrition International, Inc. develops,
manufactures, markets and sells branded and private label vitamins,
nutritional supplements and sports nutrition products in the United
States and throughout the world. To learn more about Weider, please
visit the Web site www.weider.com. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and section 21E of the
Securities Exchange Act of 1934, as amended, that are based on
management's beliefs and assumptions, current expectations,
estimates, and projections. These statements are subject to risks
and uncertainties, certain of which are beyond the company's
ability to control or predict, and, therefore, actual results may
differ materially. Weider Nutrition disclaims any obligation to
update any forward-looking statements whether as a result of new
information, future events or otherwise. Important factors that may
cause these forward looking statements to be false include, but are
not limited to: the inability to successfully implement marketing
and spending programs behind our Move Free brand and other branded
new products; the inability to successfully launch and gain
distribution for our Schiff Lubriflex3 product and Schiff Move Free
product enhancements; raw material pricing and availability,
particularly in the joint care category, and the inability to pass
on raw material price increases to customers; dependence on, and
availability of, raw materials from China, particularly related to
the joint care category; significant dependence on individual
products and product categories; the inability to increase
operating margins and increase revenues; dependence on significant
customers or the loss of a significant customer; continued or
increased competition, including the impact of competitive products
and pricing (including private label); market and industry
conditions (including pricing, demand for products and level of
trade inventories); the success of product development; the
inability to obtain customer and/or consumer acceptance of new
product introductions; unavailability of, or inability to
consummate attractive acquisition opportunities; changes in laws
and regulations, including proposed FDA good manufacturing
practices; exposure to and the cost of litigation and government
regulatory action; lack of available product liability insurance
for products containing ephedra; adverse publicity regarding the
consumption of nutritional supplements; changes in accounting
standards; and other factors indicated from time to time in the
company's SEC reports, copies of which are available upon request
from the company's investor relations department or may be obtained
at the SEC's website (www.sec.gov).
Schiff Nutrit (NYSE:WNI)
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Schiff Nutrit (NYSE:WNI)
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