P.M. BRIEFING : Gerber to Divest Child Centers
From Times Wire Services
FREMONT, Mich. —
Gerber Products Co. announced today it will seek to divest itself of its Gerber Children’s Centers Inc. subsidiary.
The child-care subsidiary owns and operates 115 facilities in 12 states and manages two centers for other employers. Revenues for the fiscal year ended March 31 exceeded $30 million.
Gerber Chairman David W. Johnson said divestiture of the child-care subsidiary will enable Gerber management to focus more strongly on its remaining businesses.
Gerber has retained Salomon Brothers Inc. as its exclusive financial adviser in connection with the divestiture, he said.
