Nutritional supplement company Weider Nutrition International Inc has announced the sale of its European subsidiary Haleko to Atlantic Grupa of Zagreb, Croatia.
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The company received approximately $15.0m (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 and Multaben brands, as well as for a number of private label customers.
For the nine months ended 28 February 28, 2005, Haleko generated net sales of approximately $49.7m 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 $9.6mn in its fiscal 2005 fourth quarter, subject to final determination of exchange rates and applicable transaction costs.
The transaction closed on 17 June 2005, and is effective in the company’s fiscal 2006 first quarter.
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By GlobalData“With the Haleko Unit sale, we will continue to focus on growth initiatives for our Schiff nutritional supplements business, including the market-leading Schiff Move Free brand,” said Bruce Wood, president and chief executive officer. “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.”
