Smart Balance plans HQ move to Boulder
Paramus, New Jersey-based Smart Balance (Nasdaq: SMBL) is making the move to be able to grow, said Carole Buyers, senior vice president of investor relations and business development. Buyers did not give a specific timeframe for the move or say where the office will be located in Boulder.
Subsidiary Earth Balance is based in Niwot. Smart Balance also bought Denver-based Udi's Healthy Foods this summer.
"We're a growth company, moving and growing. (This) definitely will be a growth platform for job-seekers," Buyers said. "We're capacity constrained and don't have enough space."
The company will create two operating segments - Smart Balance, which will include spreads, butter, grocery and milk products, and Natural Brands, which will include Earth Balance, Glutino and Udi's branded products, according to a company press statement.
Marketing and sales staff for the Udi's, Glutino, Smart Balance and Earth Balance branded products will be housed in the Boulder headquarters, Buyers said. An Udi's Denver office and its Denver bread manufacturing operations will remain in Denver, she said. The New Jersey office will continue to house the company's finance operations, research-and-development and operations, she said.
The move will help the company execute its strategy to acquire natural brands, Steve Hughes, chairman and chief executive of Smart Balance, said in the press statement. Hughes co-founded the company in 2005 with James Lewis as Boulder Specialty Brands Inc.
"The relocation of our corporate headquarters to Boulder, Colorado - the Silicon Valley of natural foods - is consistent with our long-term view of the company," Hughes said. "Our mission is to become the leading health and wellness company."
Revenue from Udi's, Glutino and Earth Balance products is expected to make up 50 percent of company revenue in 2013, Hughes said.
T.J. McIntyre has been promoted to executive vice president of the Natural Brands segment. John Becker has been promoted to executive vice president of the Smart Balance segment. Terry Schulke, currently president and chief operating officer, will leave the company, and that job role will be eliminated, the press statement said.
Smart Balance also owns the BestLife brand, which is marketed as a weight-management brand. In 2011, Hughes said the demand for gluten-free foods had created a $2 billion market in annual retail sales.
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