Irish-based nutrition supplement maker Glanbia on Wednesday said it had agreed to sell its weight management brand SlimFast US to Heartland Food Products Group for an undisclosed sum.
U.S.-based Heartland makes the Spenda brand of low-calorie sweeteners, drink mixes, coffee and nutritional beverages.
The deal for SlimFast is subject to customary closing conditions, and a process is ongoing for the sale of SlimFast in remaining jurisdictions, Glanbia said in a brief statement.
In February, Glanbia took a non-cash impairment charge of $91.4m in its 2024 results to reflect SlimFast's performance and said it would sell the brand as part of a wider plan targeting annual cost savings of at least $50m by 2027.
Glanbia 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.
"Together, we can deliver trusted solutions in weight management and sugar reduction, two of the biggest consumer needs shaping the future of nutrition."
