Central Garden & Pet Acquires Assets of Budd Seed; Acquires Premium ''Rebel'' and ''Palmer's Pride'' Brands.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--May 18, 2004 Central Garden & Pet Company (Nasdaq:CENT) today announced that it has agreed to acquire substantially all of the assets of KRB KRB Krebs Ringer Bicarbonate Seed Company, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control (dba "Budd Seed"). Terms were not disclosed. Based in Winston-Salem, North Carolina Winston-Salem is a city in the U.S. state of North Carolina. As of the 2000 census, the city population was 185,776; in 2004 the city annexed an additional 17,483 raising the population to 203,259. , Budd Seed is a leading provider of high-quality grass seed brands directed primarily towards major retail outlets under the "Rebel" and "Palmer's Pride" brands. Annual sales are approximately $17 million with a strong regional presence in the Southeastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "We are delighted to include the Rebel and Palmer's Pride brands into our premier portfolio," said Glenn Novotny, President and Chief Executive Officer of Central Garden & Pet. "Additionally, Budd Seed and Pennington Seed have an excellent track record of doing business together and we are excited to have the Budd Seed management team join our company." Pennington Seed, Inc., a subsidiary of Central Garden & Pet, previously maintained a licensing agreement with Budd Seed enabling Pennington to sell the Rebel brand to its customers. "The acquisition of the Rebel brand is an exciting development for our major retail customers," noted Brooks Pennington III, President of Pennington Seed. "Rebel enables us to offer a variety of programs, featuring one of the most respected brands of premium grass seed, to a broader base of consumers." The transaction is consistent with Central's previously stated acquisition criteria and is expected to be essentially neutral to the company's 2004 earnings and contribute approximately 5 cents to fiscal 2005 earnings. 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 pest control n → control m de plagas pest control n → lutte f contre les nuisibles pest control pest n 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, All-Glass Aquarium, Oceanic, Kent Marine, Zodiac, Pre-Strike, Altosid, Nylabone, TFH TFH Technische Fachhochschule (German: Engeneering College/University) TFH 24 Hours (Movie) TFH Thread from Hell (newsgroups) TFH Tinfoil Hat TFH Thanks For Helping , Four Paws and Interpet. Our lawn and garden products include grass seed, wild bird food, weed and insect control products, decorative outdoor patio products and ant control products. These products are sold under a number of brand names, including Pennington, Norcal Pottery, New England New England, name applied to the region comprising six states of the NE United States—Maine, New Hampshire, Vermont, Massachusetts, Rhode Island, and Connecticut. The region is thought to have been so named by Capt. Pottery, GKI/Bethlehem Lighting, Lilly Miller, Matthews Four Seasons, AMDRO and Grant's. 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, including future earnings guidance, 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. Central undertakes no obligation to publicly update these forward-looking statements to reflect new information, subsequent events or otherwise. |
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