Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Gnc, Chinese Partner Work out Timeline for Payments

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

Gnc, Chinese Partner Work out Timeline for Payments

Article excerpt

GNC officials said Wednesday that they expect to complete the initial closing for the company's strategic partnership with a Chinese partner by the end of this week.

The Pittsburgh-based health and wellness retailer made the announcement as it revealed the timeline for Harbin Pharmaceutical Group Co., Ltd. of China's $300 million investment in GNC.

Harbin, also known as Hayao, will make an initial $100 million investment by Friday, with an additional $50 million payment by Dec. 28.

The final $150 million will be paid by Feb. 13.

Last week, GNC's quarterly earnings call was postponed as the company and Harbin continued to work on completing the strategic investment and joint venture.

Also as part of the agreement reached in February, the GNC board will expand to 11 members, with five members from GNC and five from Hayao in addition to GNC CEO Ken Martindale. …

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