Smart Balance Says Will Change Name to Boulder Brands; Eliminate COO Role
Smart Balance, Inc. (Nasdaq: SMBL) today announced plans to evolve its organizational structure to establish two business segments, move its corporate headquarters to Boulder, CO, and change its name to Boulder Brands, Inc.
With the recent acquisition of Udi's, the Company has determined that it will establish two reportable operating segments, Smart Balance and Natural, which will formalize the way the company plans to operate its business, commencing with the third quarter of 2012, and will provide greater clarity on the new strategic focus of the Company. The Smart Balance segment will consist of its branded products in spreads, butter, grocery, and milk and will be led by John Becker, promoted to Executive Vice President of Smart Balance. The Natural Brands segment will be comprised of the Earth Balance, Glutino and Udi's branded products, and will be led by TJ McIntyre, promoted to Executive Vice President of Natural Brands. Beginning with its third quarter earnings release, the Company plans to report by its new segment structure.
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