Horizon Organic Holding Corporation (Nasdaq: HCOW), the nation’s leading producer of organic dairy products, announced yesterday that it has completed the reorganization of its U.K. operations. On January 26, 2001 the company stated that to utilize its resources more effectively it would consolidate its U.K. administrative offices and eliminate several management positions.
Effective immediately, Don Gaidano, managing director of Horizon Organic’s U.K. operations, will report directly to Chuck Marcy, president and chief executive officer of Horizon Organic. Marcy recently streamlined the company’s U.S. management structure to allow more time to focus his attention on the U.K.
Mark Retzloff, previously Horizon Organic’s president international operations, will become a consultant to the company. In this capacity, he will assist the company in maintaining its close relationships within the organic industry. Retzloff, one of the co-founders of Horizon Organic, will remain on the Board of Directors.
” am very proud of what we have accomplished at Horizon Organic to date,”said Retzloff. “Horizon Organic is a very successful, fast-growing company that has built great brand equity. I also am gratified with the leadership role we have played in converting acres of land to organic production. I look forward to continuing to assist Horizon Organic in this new capacity, which also provides me the time to mentor others involved in the organic industry.”
“We are very pleased that Mark has agreed to continue working with us. His contributions to Horizon Organic over time have been significant and we look forward to his ongoing guidance,” said Marcy.
The company reported a charge in the fourth quarter to allow for the restructuring completed today. The new streamlined organization has consolidated its offices in Exeter, England.
“Having just returned from the U.K., I have a good understanding of the challenges that we face in that market. I am confident we have the right team in place and that they are working with customers on the key initiatives that will enhance our success,” Marcy concluded.
Horizon Organic produces and markets the leading brand of certified organic milk and a full line of refrigerated, certified organic dairy products. The company also markets certified organic eggs and juices. Horizon Organic products can be found in conventional supermarkets and natural foods stores across the U.S. and in the U.K. For more information, visit the Company’s web site at www.horizonorganic.com.
Note on Forward-Looking Statements: This news release contains forward- looking statements that involve risks and uncertainties. Future events may differ materially from those discussed herein, due to a number of factors, including uncertainties related to the company’s ability to continue strong growth, to achieve distribution and operational efficiencies, and to expand domestically and internationally, as well as increased milk costs, inbound and outbound freight and distribution costs, higher costs related to new-product introductions and increased personnel costs. These factors and others are more fully discussed in the company’s Annual Report on Form 10-K for the year ended December 31,1999.