(This story has been corrected change the spelling to 'Splenda,' not 'Spenda' in paragraphs 2 and 6) DUBLIN (Reuters) - Irish-based nutrition supplement maker Glanbia on Wednesday said it had agreed
Glanbia Sells SlimFast US Brand to Heartland Food Products Group
Glanbia's Strategic Sale of SlimFast
(This story has been corrected change the spelling to 'Splenda,' not 'Spenda' in paragraphs 2 and 6)
Details of the Transaction
DUBLIN (Reuters) - Irish-based nutrition supplement maker Glanbia on Wednesday said it had agreed to sell its weight management brand SlimFast US to Heartland Food Products Group for an undisclosed sum.
Market Impact and Future Plans
U.S.-based Heartland makes the Splenda brand of low-calorie sweeteners, drink mixes, coffee and nutritional beverages.
Background on SlimFast
The deal for SlimFast is subject to customary closing conditions, and a process is ongoing for the sale of SlimFast in remaining jurisdictions, Glanbia said in a brief statement.
Heartland's Vision for SlimFast
In February, Glanbia took a non-cash impairment charge of $91.4m in its 2024 results to reflect SlimFast's performance and said it would sell the brand as part of a wider plan targeting annual cost savings of at least $50m by 2027.
Glanbia bought SlimFast for $350m in 2018, but sales of its products have plummeted since 2022 as weight-loss drugs upended the diet market and consumers moved away from the low-carbohydrate diets that the 50-year-old brand supports.
"The addition of SlimFast to the Heartland family, alongside our Splenda Brand, reinforces our commitment to helping consumers live healthier, more balanced lives," said Ted Gelov, Heartland chairman and CEO.
"Together, we can deliver trusted solutions in weight management and sugar reduction, two of the biggest consumer needs shaping the future of nutrition."
(Reporting by Graham Fahy; Editing by Kevin Liffey)
