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Martek Biosciences Announces Agreement to Sell Majority of Winchester, Ky. Manufacturing Site
Date:9/23/2010

COLUMBIA, Md., Sept. 23 /PRNewswire-FirstCall/ -- Martek Biosciences Corporation (Nasdaq: MATK) announced today that it has entered into an agreement to sell a significant portion of the assets at its Winchester, Ky., manufacturing site to Alltech, an animal health company headquartered in Nicholasville, Ky. The assets to be sold include a majority of the land and buildings at the Winchester site as well as certain equipment therein, including all of the production-scale fermentation and recovery equipment. The transaction does not include the sale of, license of, or granting of any rights to any of Martek's strains, patents or any other technologies. It also does not permit the use of the Winchester assets to produce omega-3 and/or omega-6 polyunsaturated fatty acids for human use for a period of 10 years. The sale is consistent with Martek's previously announced plans to restructure its Winchester, Ky., manufacturing facilities in an effort to streamline operations, improve capacity utilization, and reduce manufacturing costs and operating expenses.  Under the terms of the sale agreement, Alltech will pay Martek a total of approximately $14 million over the next four years for the assets to be acquired. The transaction is expected to close by November 30, 2010, subject to customary closing conditions.

Also as previously disclosed, as a result of the Winchester plant restructuring and sale, Martek will incur both non-cash asset impairment and cash charges. Based on the terms of the sale, we currently project that non-cash charges of approximately $28-32 million will be recorded in the fourth quarter of fiscal year 2010 as well as cash charges of approximately $1 million related to employee separation costs.  

Following the sale and restructuring, Martek plans to continue to maintain a strong presence in Winchester, with approximately 50 skilled employees fo
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SOURCE Martek Biosciences Corporation
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