10.01.06
Glanbia Acquires Seltzer for $105 Million
Glanbia plc, the international dairy foods and nutritional ingredients Group based in Ireland, has acquired California-based Seltzer Companies Inc., for $105 million, including $80 million cash on completion and $25 million in deferred payments, which are contingent on the achievement of specific profits targets over the medium term. The transaction is subject to approval by the U.S. Federal Trade Commission and completion is expected this month.
According to Glanbia, this is a significant acquisition because (1) Seltzer has a strong reputation with major food and beverage, nutritional supplements and pharmaceutical customers, (2) Seltzer creates the opportunity to extend Glanbia’s major investment in innovation and clinical research in nutritional products with science-based health benefits; and (3) Seltzer’s growth prospects broaden the potential for the group’s U.S. and international nutritional solutions business where Glanbia is a key supplier of nutritional premixes and functional customized formulations. (For more information about this acquisition, see this month’s World from Wall Street column on page 28.)
Glanbia plc, the international dairy foods and nutritional ingredients Group based in Ireland, has acquired California-based Seltzer Companies Inc., for $105 million, including $80 million cash on completion and $25 million in deferred payments, which are contingent on the achievement of specific profits targets over the medium term. The transaction is subject to approval by the U.S. Federal Trade Commission and completion is expected this month.
According to Glanbia, this is a significant acquisition because (1) Seltzer has a strong reputation with major food and beverage, nutritional supplements and pharmaceutical customers, (2) Seltzer creates the opportunity to extend Glanbia’s major investment in innovation and clinical research in nutritional products with science-based health benefits; and (3) Seltzer’s growth prospects broaden the potential for the group’s U.S. and international nutritional solutions business where Glanbia is a key supplier of nutritional premixes and functional customized formulations. (For more information about this acquisition, see this month’s World from Wall Street column on page 28.)