Smart Balance Inc. has announced plans to establish two business segments, move its corporate headquarters to Boulder, Colo., and change its name to Boulder Brands Inc.
With the recent acquisition of Udi’s, the company has determined that it will establish two reportable operating segments, Smart Balance and Natural, which will formalize the way the company plans to operate its business, commencing with the third quarter of 2012, and will provide greater clarity on the new strategic focus of the company. 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, and will be led by TJ McIntyre, promoted to Executive Vice President of Natural Brands. Beginning with its third quarter earnings release, the company plans to report by its new segment structure.
Under the new structure, the company will eliminate the role of President and Chief Operating Officer, further streamlining the management team. Terry Schulke, who has served as the company’s President and Chief Operating Officer, will be leaving Smart Balance to pursue other opportunities.
In 2013, the company plans to move its primary corporate offices to Boulder, Colo., and change its name to Boulder Brands Inc., which 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. Our mission is to become the leading health and wellness company building out and acquiring natural brands,” said Steve Hughes, CEO. “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.”