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.