ORGANIC FOOD IN MERGER PACT
Date: 20-May-99
Country: USA
The company was unavailable to provide additional details about the pact yesterday.
In order to be finalised the pact will require regulatory approval as well as approval by Organic shareholders.
"We look forward to the merger with Spectrum Naturals," Organic President John Battendieri said in a statement.
"Not only do we expect to leverage the strengths of the companies, but anticipate a financially stronger company. Organic Food Products' current financial resources are stretched very thin and the new company should enable us to obtain additional capital," Battendieri said.
Organic Food makes and markets organic food grown without pesticides and free of preservatives under the Garden Valley Organic, Parrot Brand, Millina's Finest, and Grandma Millina's Kids Meals brands.
Spectrum Naturals Inc makes organic and all natural oils, vinegars and condiments under the Spectrum Naturals label and a line of nutritional supplementals called Spectrum Essentials.
