Central Garden & Pet Acquires Ironite Products Brand; Leading Brand of Natural Soil Supplements Expands Portfolio of Highly Efficacious Branded Products Consistent With Previously Outlined Acquisition Strategy
WALNUT CREEK, Calif.--(BUSINESS WIRE)--April 24, 2006--Central Garden & Pet Company (NASDAQ:CENT) today announced that it acquired the rights to the Ironite(R) Products brand of natural soil supplements and intellectual property for approximately $6 million.
Ironite, a registered trademark since 1956, is a leading producer of environmentally-friendly soil supplements that promote healthy plant color and deeper root structures.
"Ironite is a leading, well-respected brand in natural gardening," commented Glenn Novotny, President and Chief Executive Officer of Central Garden & Pet. "This acquisition is consistent with our strategy to build a portfolio of leading, highly efficacious branded products featuring the latest technology in active ingredients."
In 2005, Ironite generated net sales of approximately $9 million and Central has historically served as Ironite's leading distributor. The acquisition is expected to be neutral to fiscal 2006 earnings, and add approximately 2-3 cents to fiscal 2007 earnings.
"Ironite's all-natural products enable professional landscapers and gardening enthusiasts to grow healthier lawns and plants by replenishing vital trace elements in the soil," concluded Mr. Novotny. "We are pleased that Heinz Brungs, the founder of Ironite will continue to work with Central to develop and market the next generation of environmentally-friendly products for consumers and professionals."
Central Garden & Pet Company is a leading innovator, marketer and producer of quality branded products for the pet and lawn and garden supplies markets. Our pet products include pet bird and small animal food, aquarium products, flea, tick, mosquito and other pest control products, edible bones, cages, carriers, pet books, and other dog, cat, reptile and small animal products. These products are sold under a number of brand names, including Kaytee, SuperPet, All-Glass Aquarium, Oceanic, Kent Marine, Energy Savers Unlimited, Zodiac, Pre-Strike, Altosid, Nylabone, TFH, Four Paws, Interpet, Breeder's Choice and Farnam. Our lawn and garden products include grass seed, wild bird food, weed and insect control products, and decorative outdoor patio products. These products are sold under a number of brand names, including Pennington, Norcal Pottery, New England Pottery, GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons, Cedar Works, AMDRO, Grant's, Sevin and Over'n Out. For additional information on Central Garden & Pet, including access to the Company's SEC filings, please visit the Company's website at http://www.central.com/.
CONTACT: Central Garden & Pet Paul Warburg, 925-948-3686 SOURCE: Central Garden & Pet
Released April 24, 2006