Post by Tim Wescott on Oct 19, 2004 18:04:58 GMT -5
Abbott Buys Nutrition Firm EAS for $320M
Associated Press
NORTH CHICAGO, Ill. - Abbott Laboratories Inc. has agreed to buy the nutrition firm EAS Inc. for $320 million, expanding its growing stable of nutritional products.
The two companies said Monday the cash transaction is expected to close in the fourth quarter, pending regulatory approval.
EAS, short for Experimental and Applied Sciences, makes and distributes dietary supplements and weight-management products worldwide. It produces shakes, nutrition bars, protein drinks and other products and sells them under brands that include AdvantEdge, Myoplex and Body for Life.
The Golden, Colo.-based company was acquired by North Castle Partners in 1999. It has about 260 employees. Its stock isn't traded publicly.
Abbott said the move fits its strategy to meet growing consumer demand for healthy snacks and meal replacements, offered through its Columbus, Ohio-based Ross Products division.
"This acquisition expands Abbott's position in the rapidly growing 'healthy living' category," said Gary McCullough, senior vice president for the division.
North Castle managing director Brent Knudsen said the private equity firm succeeded in broadening its appeal from specialty markets to multiple consumer markets over the past five years.
Abbott shares rose 34 cents to close at $41.17 Monday on the New York Stock Exchange. They are down 12 percent since the start of the year.
Associated Press
NORTH CHICAGO, Ill. - Abbott Laboratories Inc. has agreed to buy the nutrition firm EAS Inc. for $320 million, expanding its growing stable of nutritional products.
The two companies said Monday the cash transaction is expected to close in the fourth quarter, pending regulatory approval.
EAS, short for Experimental and Applied Sciences, makes and distributes dietary supplements and weight-management products worldwide. It produces shakes, nutrition bars, protein drinks and other products and sells them under brands that include AdvantEdge, Myoplex and Body for Life.
The Golden, Colo.-based company was acquired by North Castle Partners in 1999. It has about 260 employees. Its stock isn't traded publicly.
Abbott said the move fits its strategy to meet growing consumer demand for healthy snacks and meal replacements, offered through its Columbus, Ohio-based Ross Products division.
"This acquisition expands Abbott's position in the rapidly growing 'healthy living' category," said Gary McCullough, senior vice president for the division.
North Castle managing director Brent Knudsen said the private equity firm succeeded in broadening its appeal from specialty markets to multiple consumer markets over the past five years.
Abbott shares rose 34 cents to close at $41.17 Monday on the New York Stock Exchange. They are down 12 percent since the start of the year.
