Gum Tech completes confectionery and gum sale
chewing gum and related confectionery product assets to WM Wrigley
Jr. Co. for $25 million.
US company Gum Tech International inc. completed the sale of its chewing gum and related confectionery product assets to WM Wrigley Jr. Co. for $25 million, the company announced this week. Chewing gum maker Wrigley also will buy 200,000 Gum Tech shares at about $7.50 a share, which is at a 7.2 per cent discount to Gum Tech's current trading price, the nutrient and drug delivery technology maker said in a press release on Friday. Gum Tech's stock recently traded at $8.08, up 6 cents, or 0.7 per cent, on Nasdaq volume of 18,200 shares. Average daily volume is 26,363 shares. In a separate agreement, Gum Tech may also receive royalty payments from Wrigley based on future sales of gum products during a fixe.