WALTHAM, Mass., Jan 19, 2010 -- Inverness Medical Innovations, Inc. , a global leader in enabling individuals to take charge of their health at home through the merger of rapid diagnostics and health management, announced today that it 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, New Jersey, 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.
About Inverness Medical Innovations
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For more information on Inverness Medical Innovations visit www.invernessmedical.com.