Attached files
file | filename |
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8-K - FORM 8-K - SCOTTS MIRACLE-GRO CO | l41992e8vk.htm |
EX-10.1 - EX-10.1 - SCOTTS MIRACLE-GRO CO | l41992exv10w1.htm |
Exhibit 99.1
The Scotts Miracle-Gro Company | NEWS |
ScottsMiracle-Gro Announces Closing of Global Professional Business Sale
Marysville, OH March 1, 2011 The Scotts Miracle-Gro Company (NYSE: SMG) announced today the
closing of the previously announced sale of its Global Professional business to ICL (TASE: ICL) for
US$270 million in an all-cash transaction. After agreed upon adjustments at closing for pension
liabilities and working capital, the effective purchase price is approximately US$255 million,
which may be further adjusted pursuant to the terms of the purchase and sale agreement.
ScottsMiracle-Gro plans to apply net proceeds of the sale toward capital investments and debt
retirement.
The sale is in keeping with the Companys stated goal of focusing more intently on its core
consumer businesses.
About ScottsMiracle-Gro
With approximately $3 billion in worldwide sales, The Scotts Miracle-Gro Company, through its
wholly-owned subsidiary, The Scotts Company LLC, is the worlds largest marketer of branded
consumer products for lawn and garden care. The Companys brands are the most recognized in the
industry. In the U.S., the Companys Scotts®, Miracle-Gro® and Ortho® brands are market-leading in
their categories, as is the consumer Roundup® brand, which is marketed in North America and most of
Europe exclusively by Scotts and owned by Monsanto. In Europe, the Companys brands include
Weedol®, Pathclear®, Evergreen®, Levington®, Miracle-Gro®, KB®, Fertiligene
® and Substral®. For
additional information, visit us at www.scotts.com.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, which address
activities, events or developments that the Company expects or anticipates will or may occur in the
future, including, but not limited to, information regarding possible adjustment to the sale value,
the Companys plans regarding the use of net proceeds from the sale and the Companys goals are
forward-looking statements within the meaning of the U.S. federal securities laws that are
subject to risks and uncertainties. Actual results could differ materially from the forward-looking
information in this release due to a variety of factors. Detailed information concerning a number
of the important factors that could cause actual results to differ materially from the
forward-looking information contained in this release is provided in the Companys publicly filed
quarterly, annual and other reports with the Securities and Exchange Commission, which information
is incorporated herein by reference. The Company disclaims any obligation to update any such
forward-looking statements after the issuance of this release.
Contact
Jim King
Senior Vice President,
Investor Relations and Corporate Affairs
The Scotts Miracle-Gro Company
(937) 578-5622
Jim King
Senior Vice President,
Investor Relations and Corporate Affairs
The Scotts Miracle-Gro Company
(937) 578-5622