11.01.10
General Nutrition Centers (GNC), Pittsburgh, PA, is planning a $350 million initial public offering, according to a recent filing with the Securities & Exchange Commission. Reportedly, in its SEC filing, GNC said it wants to expand by adding 4800 company-owned and franchised locations in the U.S., while also expanding internationally, including in China. The company did not say how many shares it plans to sell or at what price, according to the Associated Press, which said GNC Acquisition Holdings Inc. plans to use the proceeds from the offering for working capital and general corporate purposes. According to a Pittsburgh Tribune-Review article, “GNC reported a profit of $69.5 million on revenue of $1.7 billion last year, compared with a $54.6 million profit on $1.66 billion in revenue in 2008.”
