Scotts Miracle-Gro steps into fertilizer void
Tuesday November 11, 2008, 9:17 pm EST
Scotts Miracle-Gro in talks with retailers to deliver fertilizer after exit of Spectrum Brands
MARYSVILLE, Ohio (AP) -- The Scotts Miracle-Gro Co. said Tuesday it was in talks with U.S. retailers about providing fertilizer and other products after Spectrum Brands Inc. said it would exit the field in January.
The lawn and garden product maker's chief executive, Jim Hagedorn, said in a release that the talks were "productive."
"We believe we are uniquely positioned to leverage our supply chain and sales force to help our retailers meet all of their needs," he said.
The company also affirmed its previous guidance for fiscal 2009 of adjusted net income of $2 per share on nominal sales growth.
Earlier Tuesday, Atlanta-based Spectrum said it would quit the fertilizer business because of volatile input costs and seasonality, as its third-quarter net loss widened to $492.6 million from a year earlier.
Source: Associated Press
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