Disposal
October 07 2009 - 2:00AM
UK Regulatory
TIDMPAHC
RNS Number : 3561A
Phibro Animal Health Corporation
07 October 2009
PHIBRO ANIMAL HEALTH CORPORATION
DIVESTS ITS WOOD PRESERVATIVE BUSINESS
RIDGEFIELD PARK, New Jersey, 7 October 2009 - Phibro Animal Health Corporation
("PAHC" or the "Company") today announced the sale of its wood
preservative business to Osmose, Inc. The Company operated the business as part
of its Performance Products Group through its PhibroWood subsidiary, and sold
its leading wood preservative product under the SUSTAIN brand.
The sale included the assets used in the business, including patents, patent
applications, trademarks and trade names, and certain manufacturing equipment
and inventories. The transaction also included the settlement of certain
ongoing intellectual property disputes between the parties. The Company
anticipates it will record a gain on the divestiture.
The sale price was $37.5 million in cash, plus certain payments in respect of
working capital. The Company expects to utilize the proceeds to reduce amounts
outstanding under its domestic senior credit facility, to fund its operating
plan and for general corporate purposes.
We want to recognize and thank our PhibroWood team who, through their
contributions in the marketplace, in the laboratory and in manufacturing, played
a significant part in the industry's embrace of next generation wood
preservative products," commented Dani Bendheim, President of Performance
Products.
About The Company
PAHC is a diversified global developer, manufacturer and marketer of a broad
range of animal health and nutrition products to the poultry, swine, cattle and
acquaculture markets. PAHC is also a manufacturer and marketer of performance
products for the ethanol, and personal care industries. For more information,
please visit www.pahc.com.
For further information please contact:
+---------------------------------------------------------------+-----------------------------------+
| Phibro Animal Health Corporation | +1 201 329 7300 |
| Richard Johnson, Chief Financial Officer | |
| investor.relations@pahc.com | |
+---------------------------------------------------------------+-----------------------------------+
| | |
+---------------------------------------------------------------+-----------------------------------+
| Panmure Gordon (UK) Limited | +44 (0) 207 459 3600 |
| Andrew Godber | |
| Rakesh Sharma | |
| | |
+---------------------------------------------------------------+-----------------------------------+
FORWARD-LOOKING STATEMENTS
This announcement contains forward-looking statements, including statements
regarding management's expectations and beliefs regarding the future results or
performance of the Company. Because these statements apply to future events,
they are subject to risks and uncertainties. When used in this announcement, the
words "anticipate," "believe," "estimate," "expect," "expectation," "project,"
"intend" and similar expressions are intended to identify such forward-looking
statements. Our actual results could differ materially from those projected in
the forward-looking statements. Additionally, you should not consider past
results to be an indication of our future performance. We do not intend to
update any of the forward-looking statements after the date of this announcement
to conform these statements to actual results, to changes in management's
expectations or otherwise, except as may be required by law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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