Landec Corporation a diversified health and wellness company announced that it has completed the sale of all of its Curation Foods’ assets related to BreatheWay packaging technology business for $3.2 million in cash.
Dr. Albert Bolles, Chief Executive Officer of Landec Corporation, said, “We are pleased to announce the sale of the BreatheWay Business, which is yet another step towards creating a CDMO-focused company aligned with attractive growth categories and end markets. This transaction demonstrates our team’s continued focus on simplifying the Landec business through Project SWIFT as a means to generate shareholder value.”
Landec is a fully integrated contract development and manufacturing organization that offers highly differentiated capabilities in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes and vials.
The BreatheWay Business extends the shelf life of packaged fruits and vegetables naturally, to ensure high quality fresh produce reaches the consumer. The BreatheWay Business represented revenue of $2.1 million in the trailing twelve-month period ended February 27, 2022. Following the sale, the Company’s Curation Foods segment is represented by its avocado products and olive oil & vinegar businesses (Yucatan Foods, O Olive Oil & Vinegar®).
Net proceeds from the transaction will be used to repay borrowings under the Company’s credit facility. The results of operations related to the BreatheWay Business will be reported as discontinued operations beginning in the fiscal first quarter of 2023.
For more information:
Jeff Sonnek
Landec
Tel: (646) 277-1263
Email: jeff.sonnek@icrinc.com
www.landec.com
