La Landec

Landec Corporation Announces Intention to Become Lifecore Biomedical

Retrieved on: 
Wednesday, August 10, 2022
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SANTA MARIA, Calif. and MINNEAPOLIS, Minn. , Aug. 10, 2022 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq: LNDC) (“Landec” or the “Company”), a diversified health and wellness company focused on its growing Lifecore Biomedical (“Lifecore”) business – a fully integrated contract development and manufacturing organization (“CDMO”) that offers highly differentiated capabilities in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes and vials – today formally announced the Company’s path forward as a CDMO-focused life sciences company, complete with a planned corporate rebranding, new ticker symbol, and the naming of its go-forward executive leadership team and Board of Directors.

Key Points: 
  • Lifecore has produced compound revenue growth of 15% and EBITDA growth of 25% since fiscal 2015.
  • We have supported the Lifecore business since we took ownership of the company, investing in new capacity and capabilities.
  • Corporate rebranding from Landec Corporation to Lifecore Biomedical The Company intends to formally rebrand its corporate identity, including changing its corporate name to Lifecore Biomedical in the near future.
  • Landec Corporation (Nasdaq: LNDC) is a leading innovator of diversified health and wellness solutions with two operating businesses: Lifecore Biomedical, LLC.

Custom Made Meals Appoints Molly Montgomery as Chief Executive Officer

Retrieved on: 
Tuesday, May 17, 2022
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Ms. Montgomery succeeds Dale Easdon, who has led the Company as CEO for the past three years and has worked closely with management to ensure a smooth transition.

Key Points: 
  • Ms. Montgomery succeeds Dale Easdon, who has led the Company as CEO for the past three years and has worked closely with management to ensure a smooth transition.
  • Ms. Montgomery has deep experience in the better-for-you food, agricultural and pharmaceutical sectors and a passion for sustainability.
  • Custom Made Meals is a Denver-based leading manufacturer of fresh, oven-ready, value-added entrees and appetizers sold through more than 15,000 retail grocery locations nationwide.
  • More information about Custom Made Meals can be found at www.custommademeals.com .

Landec Corporation Announces Sale of Curation Foods’ Fresh Packaged Salads and Vegetables Business for $73.5 Million in Cash

Retrieved on: 
Monday, December 13, 2021
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SANTA MARIA, Calif., Dec. 13, 2021 (GLOBE NEWSWIRE) -- Landec Corporation (Nasdaq: LNDC) (“Landec” or the “Company”), a diversified health and wellness company focused on its growing Lifecore Biomedical (“Lifecore”) business – a fully integrated contract development and manufacturing organization (“CDMO”) that offers highly differentiated capabilities in the development, fill and finish of complex sterile injectable pharmaceutical products in syringes and vials – today announced that it has completed the sale of its Curation Food’s fresh packaged salads and vegetables business for $73.5 million in cash to Taylor Farms Retail, Inc. (“Taylor Farms”). Net proceeds from the transaction will be used to repay borrowings under the Company’s credit facility, which the Company believes will drive significant deleveraging and strengthen the Company’s financial position, allowing management to devote even greater resources and investment to Lifecore.

Key Points: 
  • Going forward, we will maintain our continued commitment to maximize the value of our Lifecore and remaining Curation Foods businesses.
  • Curation Foods results of operations related to the assets sold will be reported as discontinued operations beginning in the fiscal third quarter of 2022.
  • Curation Foods is focused on innovating and distributing plant-based foods with 100% clean ingredients to retail, club and foodservice channels throughout North America.
  • Curation Foods brands include Yucatan and Cabo Fresh avocado products and O Olive Oil & Vinegar premium artisan products.