PBM Products Announces That It Has Entered Into a Definitive Agreement to Purchase Wyeth's Infant Formula Manufacturing Facility

GORDONSVILLE, Va., Nov 4, 2004 /PRNewswire via COMTEX/ -- PBM Products, Inc., a consumer marketing and distribution company specializing in food, nutritional, and pharmaceutical products, announced today that an affiliate company, PBM Nutritionals, Inc., has entered into a definitive agreement to purchase Wyeth Nutritionals' infant formula manufacturing facility in Georgia, Vermont. Since 1997, PBM has been the exclusive marketer and distributor of Wyeth's infant formula products in the U.S. PBM will continue to use Wyeth's high- quality formulations in its manufacturing process.

This state-of-the-art facility is the only ISO-9001-2000 certified infant formula manufacturing facility in the country. It is located on 146 acres in the northwest corner of Vermont. The factory is capable of producing 33 million pounds of powdered infant formula a year and presently employs 231 people. Virtually all current employees will retain their jobs as PBM employees, and production requirements will remain unchanged.

"This purchase is a milestone in PBM's history," said Paul B. Manning, president and CEO of PBM Products. "Wyeth has been an innovative leader in infant nutrition for the past 80 years. We are excited to embark on our new role as a manufacturer of infant nutritional products using Wyeth formulas, and welcome the addition of the Vermont employees to our family of companies."

In 1997, PBM entered into an exclusive supply arrangement with Wyeth (formerly American Home Products) to launch the first store brand infant formulas in the $2.8 billion U.S. infant formula category. Since then, PBM has been distributing store brand infant formula products to over 20,000 retail locations in the U.S. and Canada.

PBM Products is privately owned and based in Gordonsville, Virginia. The company distributes infant formula, infant foods, pediatric and adult nutritionals, diabetic products, and infant feeding systems. PBM's family of companies consists of PBM Nutritionals, PBM Pharmaceuticals, PBM Foods, PBM International, and PBM Plastics.

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