LONG BEACH, Calif., October 28, 2003 - Zuellig Botanicals Inc., dba BI Nutraceuticals ("BI") today announced that it has reached agreement to purchase substantially all of the assets of the dietary supplement business unit of Hauser Inc. The transaction contemplates a purchase price of between $8.2 million and $9.2 million with deferred cash payments in excess of $1 million. The purchase is subject to overbid and court approval by the United States Bankruptcy Court, as Hauser Inc. and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Court on April 1, 2003. As such, the transaction could take up to 60 days to be approved.
"This transaction reconfirms BI's commitment to the dietary supplement industry, our customers and employees,² stated Peter Hafermann, President, BI. ³We are extremely pleased that we will be in a stronger position to expand our industry presence and leadership. This transaction will allow BI to build a broader platform for growth in dietary supplement ingredients and services in support of our customers."
BI, founded in 1977 and headquartered in Long Beach, California, is a full service supplier of dietary supplement ingredients. BI manufactured products undergo quality testing under the Identilok® species identification process.
BI products include whole herb powders and teas, standardized and drug ratio extracts, custom blends, vitamins, minerals and other specialty supplements.
For more information contact Peter Hafermann at 310.669.2158 or [email protected].
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