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Inverness cements IVC acquisition

This article was originally published in The Tan Sheet

Executive Summary

Device firm completes purchase of supplement marketer IVC Industries March 19; transaction will provide Inverness with "additional production and distribution resources," as well as private label presence, firm says (1"The Tan Sheet" Dec. 24, 2001, p. 7). Original agreement, announced Sept. 21, was amended in January to allow IVC stockholders to receive $2.50 in cash for each share of stock rather than exchange for shares of Inverness stock. For fourth quarter ending Dec. 31, Inverness recorded $13.7 mil. in sales, up 11.2% from last year; FY 2001 sales dipped 3.3% to $49.4 mil., firm says. Net losses were $25.9 mil and $24.7 mil. for Q4 and the year, respectively, attributable to Unipath acquisition, split-off/merger with J&J...
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