Inverness Medical Sells Nutrition Group

WALTHAM, Mass. Inverness Medical Innovations Inc. (NYSE: IMA) sold its dietary supplement business, Inverness Medical Nutritionals and IVC Industries, to International Vitamin Corp., Irvington, N.J., for approximately $63.4 million in cash, subject to post-closing adjustment based on final working capital. The sale includes all assets of the nutrition division, including manufacturing facilities in Freehold and Irvington, New Jersey. Through the first nine months of 2009, the business generated net revenues of $63.6 million and contributed an operating loss of $2.4 million. As a result of the sale, Inverness nutritional business segment will be presented as a discontinued operation in its financial statements for the fiscal year ended Dec. 31, 2009.