- Technical Sales Representative, Leamington, Ontario
- Technical Sales Representative, Ancaster, Ontario
- HR Generalist
- Head Grower Strawberries (West Virginia USA)
- Global Sourcing Manager
- Buying Operations Manager (BOM Process)
- Sourcing Manager EU
- Manager Operations Ethiopia
- Manager Operations Ethiopia
- Senior Grower
Top 5 - yesterday
Top 5 - last week
Top 5 - last month
- Hasfarm’s network expands in Indonesia, partnering with Bromelia Flowers and Tropika
- "Breeders need to study the Chinese market carefully before introducing a variety"
- Royal Flowers merges with The Elite Group
- North America: “Unbridled optimism for Mother’s Day tempered by reality”
- “A new sales channel for flower companies without any labor or high fixed costs”
ScottsMiracle-Gro completes sales of European and Australian businesses
The transaction includes ScottsMiracle-Gro operations in Australia, Austria, Belgium, France, Germany, Poland and the U.K.
“This transaction marks the end of the major portfolio reconfiguration of our company that we outlined when we announced ‘Project Focus’ two years ago,” said Jim Hagedorn, chairman and chief executive officer. “As of today, nearly all of our sales and profits are derived from North America as we are focusing our efforts and resources on those aspects of our portfolio that best utilize our competitive advantages to enhance shareholder value.
“The divestiture of both Scotts LawnService and our International consumer businesses allow us to increase our focus on our core brands in the U.S. as well as adjacent higher-growing businesses like Hawthorne Gardening Company. The integration of acquisitions under the Hawthorne umbrella is proceeding as planned and we are in the closing stages of completing the acquisition of a marquee brand in another category of hydroponics. Our goal remains the same: to create the world’s most successful hydroponic gardening business.”
As a result of the International divestiture, company-wide operating margins are expected to improve approximately 125 basis points. However, the transaction is expected to dilute earnings per share by about $0.15 in the current fiscal year, effectively reducing the company’s previously stated earnings guidance by that amount.
The dilution is slightly lower than previously expected due to the delayed timing of the closure and the performance of the business over the past several months.
ScottsMiracle-Gro plans to furnish a Form 8-K with the Securities and Exchange Commission in October that will provide updated Non-GAAP quarterly financial results for all quarters within fiscal 2016 through the third quarter of fiscal 2017.
Separately, the company said it has received an $87 million dividend payment from TruGreen associated with its minority interest in the lawn service company. In 2016, ScottsMiracle-Gro contributed its Scotts LawnService business into a joint venture with TruGreen in exchange for a 30 percent interest in the combined business. To date, ScottsMiracle-Gro has received nearly $290 million in cash as a result of its ownership stake.
“The dividend we received will help fund future acquisitions and share repurchase activity associated with Project Focus,” Hagedorn said. “Although the integration efforts and cost synergies we expected from the JV remain on track, recent operational challenges at TruGreen will negatively impact our earnings another five cents per share against our previous guidance. That said, we continue to be pleased with the progress of the JV and believe our interest in TruGreen will continue to benefit our shareholders.”
For more information:
Receive the daily newsletter in your email for free | Click here
Other news in this sector:
- 2023-06-02 Captain and Könst calla assortment presented during Captain Calla Days
- 2023-06-02 Delphy Group remains independent
- 2023-06-02 FloraLife unveils new brand identity
- 2023-06-02 Kenya: Marcoz Holdings gets approval for acquisition of Phima Flowers
- 2023-06-02 New guardian monitor Wi-Fi launched
- 2023-06-01 Picalla scratch campaign puts buyers in the spotlight
- 2023-06-01 Kenya: Lima Labs makes debut at IFTEX
- 2023-05-31 NZ: New people join HortNZ Board
- 2023-05-31 Stuppy celebrates 150th anniversary
- 2023-05-31 Kuehne+Nagel announces management changes in Middle East and Africa region
- 2023-05-30 "Since the merger, we’re focusing more on greenhouse segments"
- 2023-05-30 Eason Horticultural Resources adds Logistics Specialist John Ollis to its logistics team
- 2023-05-30 NL: Double screen installation at Van Daalen Cymbidium
- 2023-05-29 Dissolved oxygen platform launched
- 2023-05-26 GroupDC acquires Hawita
- 2023-05-26 Eric Labbate, founder of Climate Control Systems, retires after 38 years
- 2023-05-25 CAN (ON): Josh MacIntyre joins Royal Brinkman as Sales Manager
- 2023-05-25 Pasadena Tournament of Roses Foundation announces 2023 grant awards totaling over $240,000
- 2023-05-25 Green Simplicity joins GreenV
- 2023-05-25 Turkish cargo adds value to nation's exports