Gum Tech completes confectionery and gum sale
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.
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.
