Central Garden & Pet Acquires AMDRO and IMAGE Consumer Product Lines From American Cyanamid.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--March 29, 2000 Central Garden & Pet Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CENT), the nation's leading manufacturer, supplier, and merchandiser of consumer lawn and garden and pet supply products, today announced that its has acquired the AMDRO(R) and IMAGE(R) consumer product lines from American Cyanamid, the agricultural products division of American Home Products Corporation (NYSE NYSE See: New York Stock Exchange : AHP AHP Assistant House Physician. ), for approximately $28 million. AMDRO(R) Fire Ant fire ant Any of a genus (Solenopsis) of insects in the ant family, several species of which are common in southern North America. They are red or yellowish and can inflict a severe sting. The semipermanent nest consists of a loose mound with open craters for ventilation. Bait is the leading fire ant bait product available in the consumer market. IMAGE(R) Consumer Concentrate is a selective herbicide for the control of difficult weeds in Southern turf, such as nutsedge, dollarweed, wild onion and garlic, Virginia buttonweed and others. Both products, which are sold primarily in the Southern and Southeastern markets, have a strong presence with such key retailers as Wal-Mart, Home Depot, Ace, Lowe's, TrueServe and Target. "The acquisition of the AMDRO(R) and IMAGE(R) product lines is an excellent strategic move that will enhance Central's already strong portfolio of lawn and garden branded product offerings," said William E. Brown Archbishop William (EUSEBUIS) Brown is the First African-American Archbishop in the state of Virginia. He heads the Archdiocese of Fredericksburg, headquartered in Stafford, Virginia. Archbishop Brown is the current Chief Pastor of Mt. , Chairman and Chief Executive Officer of Central. "Both product lines have top brand awareness in their respective categories and we look forward to continuing to grow these outstanding brands using Central's consumer branded strategies." Central Garden & Pet Company is the nation's leading manufacturer, supplier, and merchandiser of consumer lawn and garden and pet supply products. Central's proprietary branded products include Pennington Seed(R), Kaytee(R), TFH TFH Technische Fachhochschule (German: Engeneering College/University) TFH 24 Hours (Movie) TFH Thread from Hell (newsgroups) TFH Tinfoil Hat TFH Thanks For Helping (R), Nylabone(R), Zodiac(R), and Four Paws(R) pet products, Island(R) aquariums, Matthews(R) Four Seasons products and Grant's(R) ant control products. Central offers its retail and branded manufacturing partners a wide array of value-added services proven to increase sales and profitability, including logistics and distribution support, inventory management, advertising and promotional programs, in-store merchandising service, and sales program development. For additional information on Central Garden & Pet, including access to the Company's SEC filings, please visit the Company's website at http://www.centralgardenandpet.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings, including, without limitation, the final accounting for all issues between the Company and Monsanto under the Solaris Agreement, such as the amounts receivable from Monsanto for cost reimbursements, payments for cost reductions and payments for services; the amounts payable to Monsanto for inventory; responsibility for obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. and for non-payment by Solaris' direct sales accounts; and costs associated with the realignment of the Company's lawn and garden distribution operations to reflect anticipated business levels for the fiscal year 2000. |
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