Nutrition supplement maker Glanbia said today it has signed a deal to sell its weight management brand SlimFast US to US-based Heartland Food Products Group for an undisclosed sum.
Heartland makes the Spenda brand of low calorie sweeteners, drink mixes, coffee and nutritional beverages.
Glanbia said the deal for SlimFast is subject to customary closing conditions.
SlimFast was designated by Glanbia as non-core in February of this year.
A process is ongoing for the sale of SlimFast in remaining jurisdictions, the company said in a brief statement.
Glanbia took a non-cash impairment charge of $91.4m in its 2024 results to reflect SlimFast's performance challenges. The brand represented 7% of Glanbia's performance nutrition division at the end of June.
The US-focused company bought SlimFast for $350m in 2018, but sales of its products have plummeted since 2022 as weight-loss drugs upended the diet market and consumers moved away from the low-carbohydrate diets that the 50-year-old brand supports.
"The addition of Slimfast to the Heartland family, alongside our Spenda Brand, reinforces our commitment to helping consumers live healthier, more balanced lives," said Ted Gelov, Heartland Chairman and CEO.
"Both brands share a common purpose, empowering people to make better choices without sacrificing taste or enjoyment. Together, we can deliver trusted solutions in weight management and sugar reduction, two of the biggest consumer needs shaping the future of nutrition," he added.
Glanbia shares rose in Dublin trade today.
