GUMM - Eliminate the Common Cold Message Board

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Biotech / Medical : GUMM - Eliminate the Common Cold

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To: Hank who wrote (3764)	3/15/2001 2:03:32 PM
From: StockDung	Read Replies (2) of 5582

Gum Tech to Sell Gum Business to Wm Wrigley for $25 Million Phoenix, March 15 (Bloomberg) -- Gum Tech International Inc. agreed to sell its gum-manufacturing operations and some contracts and assets to Wm. Wrigley Jr. Co. for about $25 million The sale will allow Phoenix-based Gum Tech to expand its Zicam cold and allergy products, spokeswoman Lynn Romero said. The agreement provides for royalty payments on some gum products. Chicago-based Wrigley, which makes Wrigley's Spearmint, Juicy Fruit and Doublemint gum, also will buy 200,000 shares of Gum Tech for an undisclosed amount, based on the average price from a recent 10-day trading period. Gum Tech President and Chief Operating Officer Gary Kehoe will join Wrigley after the transaction closes, which is expected in the second quarter. Gum Tech shares rose 38 cents to $9.63 in midday trading. Wrigley rose 25 cents to $46.70. Mar/15/2001 12:16 ET For more stories from Bloomberg News, click here. (C) Copyright 2001 Bloomberg L.P.

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