Discontinued Operations - Active Ingredients and Specialty Chemicals
On May 22, 2008, Atrium completed the sale of its Active Ingredients and Specialty Chemicals Division for total proceeds of $166.4 million in cash, subject to a post-closing working capital adjustment. Atrium has become a health and nutrition pure play and the net proceeds from the transaction will provide the Company with increased financial flexibility to pursue its development strategy.
The AI&SC Division's operations from April 1, 2008 to May 21, 2008, which are included in the second quarter of 2008 and presented as discontinued operations, generated revenues of $34.3 million, compared to revenues of $48.3 million for the complete quarter of 2007. For the same periods, EBITDA was $3.4 million in 2008 compared to $4.7 million in 2007.
For the period between January 1, 2008 and May 21, 2008, revenues from discontinued operations were $102.3 million compared to $107.0 million for the six-month period ended June 30, 2007. For the same periods, EBITDA from discontinued operations was $9.8 million in 2008 compared to $10.0 million in 2007.
Atrium Innovations Inc. is a recognized leading developer, manufacturer and marketer of science-based and professionally endorsed products for the health and nutrition industries. The Company focuses primarily on growing segments of the health and nutrition markets which are benefiting from the trends towards healthy living and the ageing of the population. Atrium markets a broad portfolio of finished products through its highly specialized sales and marketing network in more than 35 countries, primarily in North America and Europe. Atrium has over 575 employees and operates five manufacturing facilities. Additional information about Atrium is available on its Web site at http://www.atrium-innov.com.'/>"/>
|SOURCE Atrium Innovations Inc.|
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