New name, new structure for Smart Balance
PARAMUS, N.J. — Smart Balance, Inc. has unveiled plans to establish two business segments, move its corporate headquarters to Boulder, Colo., and change its name to Boulder Brands, Inc.
Smart Balance produces buttery spreads as well as gluten-free products through its Glutino brand. Smart Balance in July acquired Udi’s Healthy Foods, L.L.C., whose products include gluten-free bread and other bakery products, such as cookies, buns and muffins.
Beginning with the third quarter of fiscal 2012, Smart Balance will record results in one of two operating segments: Smart Balance and Natural. The Smart Balance segment will consist of its branded products in spreads, butter, grocery, and milk and will be led by John Becker, promoted to executive vice-president of Smart Balance. The Natural Brands segment will be comprised of the Earth Balance, Glutino and Udi’s branded products. TJ McIntyre, promoted to executive vice-president of Natural Brands, will lead the segment.
The creation of the new operating segments “will provide greater clarity on the new strategic focus of the company,” Smart Balance said.
The position of president and chief operating officer, which had been filled by Terry Schulke, will be eliminated, Smart Balance said. Mr. Schulke will be leaving to pursue other opportunities.
In 2013, Smart Balance plans to move its primary corporate offices to Boulder and change its name to Boulder Brands, Inc., which the company said “better reflects its recent transformation to a company with multiple brands and a greater presence in natural foods.”
“The establishment of two business segments and the relocation of our corporate headquarters to Boulder, Colo. — the Silicon Valley of natural foods — is consistent with our long-term view of the company and will allow us to plan and execute on our strategy more effectively,” said Stephen Hughes, chairman and chief executive officer of Smart Balance. “Our mission is to become the leading health and wellness company building out and acquiring natural brands. In addition, Udi’s, Glutino, and Earth Balance, combined, are expected to represent approximately 50% of revenue in 2013, making us the No. 4 marketer of natural brands. The decision to change our corporate name to Boulder Brands, Inc. completes our evolution, from when Jim Lewis and I founded the company as Boulder Specialty Brands in 2005.”