15 September 2008
ECO Animal Health Group plc ( formerly Lawrence plc )
sells Aquarium Products
ECO Animal Health Group plc (ECO) is pleased to announce that it has exchanged
contracts to sell the business and assets of Interpet LLC, its US based
operation which trades as Aquarium Products, to Sergeant's Pet Care Products,
Inc. (Sergeant's) of Omaha, Nebraska. Completion is scheduled for 1 October
2008.
Sergeant's is the oldest full-line pet supplies company in America and enjoys
one of the most trusted names in pet care. It has very strong distribution
throughout the trade and the Aquarium Products range will benefit from being
part of this much larger organisation.
The consideration will be a cash payment of $500,000 followed by an earnout
based on a rising percentage of net sales over the next five years. The Board of
ECO believes that this will achieve the best and fairest price for the business.
Peter Lawrence, Chairman of ECO Animal Health Group plc, commented:
"This sale concludes our strategy of disposing of non core businesses and leaves
us totally focused on our fast growing animal health business, which has
recently entered the valuable companion animal sector in addition to its
traditional market for treatments for farmed animals"
Contacts:
ECO Animal Health Group plc Peter Lawrence 020 8336 6190
Spiro Financial Anthony Spiro 020 8336 6196
Cenkos Securities plc Stephen Keys 020 7397 8926
(Nominated Adviser) Elizabeth Bowman 020 7397 8928
ECO Animal Health Group plc is a leader in the development, registration and
marketing of pharmaceutical products for animals. Our products for these global
growth markets promote well-being. Our financial goals are achieved through the
careful and responsible application of science to generate value for our
shareholders