Abbott Laboratories to Purchase EAS 37616Abbott Laboratories to Purchase EAS
November 8, 2004
Abbott Laboratories to Purchase EASCHICAGO--Health care company Abbott Laboratories Inc. (NYSE:ABT) announced it will purchase nutrition firm EAS (Experimental and Applied Sciences) Inc. for $320 million. According to Yahoo! News, the two companies said Monday the cash transaction is expected to close in the fourth quarter, pending regulatory approval.
The acquisition complements Abbotts long-standing presence in general and specialized nutrition products for infants, children and adults, and fits its strategy to meet growing consumer demand for healthy snacks and meal replacements, offered through its Columbus, Ohio-based Ross Products division, according to a press release on Abbotts Web site. Abbotts Ross Products Division (www.ross.com) produces nutritional products including the infant formulas Similac® Advance® and Isomil® Advance®, and adult items including Ensure®, Glucerna® and ZonePerfect®. "This acquisition expands Abbott's position in the rapidly growing 'healthy living' category," said Gary McCullough, senior vice president of the division, in the press release. "EAS's strong brands, broad distribution and innovative products and processes strategically fit with our commitment to offering consumers great nutrition choices based on solid science." EAS manufactures and distributes dietary supplements and weight management products such as shakes, nutrition bars and protein drinks, and sells them under brandnames including EAS®, AdvantEdge®, Myoplex® and Body for Life®. The Golden, Colo.-based company was founded in 1990 by Bill Phillips, author of the weight loss book Body for Life and sold to North Castle Partners in 1999. It has approximately 260 employees. "We are pleased to join forces with Abbott--a company that shares our long-standing commitment to science-based, innovative products that improve people's lives," said Monty Sharma, president and chief executive officer of EAS, in the press release. "Abbott advances leading-edge science and technologies through world-class marketing and sales execution. Our complementary skills and competencies--combined with our shared mission--make this an ideal partnership for the future."
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