Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Inverness Medical Innovations has sold its vitamin and nutritional supplements business, which operates under the names of Inverness Medical Nutritionals and IVC Industries. They constitute Inverness' entire vitamin and nutritional supplements business segment.
Subscribe to our email newsletter
The company sold the assets of the business, which includes manufacturing facilities in Freehold and Irvington, New Jersey, to International Vitamin Corporation, and affiliates, for a total price of approximately $63.4m in cash. The deal is subject to post closing adjustment based on the final working capital of the business.
Through the first nine months of 2009, the business generated net revenues of $63.6m and contributed an operating loss of $2.4m. As a result of the sale, Inverness’ vitamin and nutritional supplements business segment will be presented as a discontinued operation in its financial statements for the fiscal year ended December 31, 2009.