- Acquisition Provides Solid Growth Platform for Abbott's Ross Products
Division for Nutritional Products in the Healthy Living and Weight Control
ABBOTT PARK, Ill., Aug. 27-- Abbott Laboratories (NYSE: ABT) today announced that it has completed the purchase of ZonePerfect Nutrition Company, a Beverly, Mass.-based marketer of healthy and nutritious products for active people. Abbott announced an agreement for the acquisition on July 24.
Abbott acquired all of the equity of ZonePerfect Nutrition, formerly a privately held company, for approximately $160 million in cash. The transaction will not have an impact on Abbott's 2003 earnings per share guidance.
"ZonePerfect Nutrition complements our leadership position in medical nutritionals and supports our nutritionals growth strategy," said Mark F. Gorman, vice president, medical nutritionals, Abbott Laboratories. "With ZonePerfect(TM) we have a brand that not only is positioned in the rapidly growing healthy living and weight control categories, but also is the fastest- growing brand in the nutritional bar segment."
Founded in 1996, ZonePerfect Nutrition markets its products through major food, drug and mass merchandisers across the United States as well as through its direct to consumer program. ZonePerfect Nutrition's product formulations conform to a 40/30/30 carbohydrate, protein and dietary fat ratio.
Gorman added, "ZonePerfect Nutrition has done a great job in developing a highly regarded product line and bringing its nutritionals to prominence among retailers and consumers. Abbott's significant resources in research and development and in marketing, and its 30 years as a leader in nutritional products, provide the business with new support for its growth initiatives -- and that's a great opportunity for the ZonePerfect(TM) brand, retailers, and consumers."
Abbott's Ross Products Division -- A Longstanding Commitment to Nutrition
As a long-time world leader in adult and infant nutrition, the Ross Products Division of Abbott Laboratories is committed to helping people of all ages meet their nutritional needs. Abbott pioneered the market for adult nutritionals more than three decades ago. Today, medical research continues to affirm the importance of proper nutrition in maintaining health. Abbott's adult nutritional family of products includes Ensure(R), a source of complete balanced nutrition; Glucerna(R), a nutritional product line for people with diabetes; and ProSure(R), a specialized nutritional product for people with cancer. For more information about Ross Products Division, visit www.ross.com .
About Abbott Laboratories
Abbott Laboratories is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals, nutritionals, and medical products, including devices and diagnostics. The company employs more than 70,000 people and markets its products in more than 130 countries. In 2002, the company's sales were $17.7 billion. Abbott's news releases and other information are available on the company's Web site at www.abbott.com . Learn more about Abbott here.
Private Securities Litigation Reform Act of 1995 -- A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Exhibit 99.1 of our Securities and Exchange Commission Form 10-Q for the period ended June 30, 2003, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as the result of subsequent events or developments.