Sean Moloughney01.19.10
Inverness Medical Innovations, Inc. Waltham, MA, has sold its vitamin and nutritional supplements business, which operates under the names Inverness Medical Nutritionals and IVC Industries and constitutes Inverness' entire vitamin and nutritional supplements business segment.
Inverness sold the assets of the business, which include manufacturing facilities in Freehold and Irvington, NJ, to International Vitamin Corporation, and affiliates, for a total price of approximately $63.4 million in cash, 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 $63.6 million and contributed an operating loss of $2.4 million. 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.
Inverness sold the assets of the business, which include manufacturing facilities in Freehold and Irvington, NJ, to International Vitamin Corporation, and affiliates, for a total price of approximately $63.4 million in cash, 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 $63.6 million and contributed an operating loss of $2.4 million. 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.
