California-based nutritional supplements supplier Hauser has sold its Shuster Laboratories division to Specialized Technology Resources, a private company, for around $7.7 million in cash.
Hauser said the move was in line with a previously announced restructuring plan. It will use proceeds from the sale to pay off a substantial portion of its debt.
"The sale of Shuster completes another important step in our turnaround plan for Hauser," said Kenneth Cleveland, Hauser's president and chief executive officer.
Dennis Jilot, president of Specialized Technology Resources, added: "We are pleased to add Shuster Laboratories to our family of companies. This acquisition will enable us to provide a broad range of services to customers in a variety of industries."
Shuster Laboratories provides contract research, development, testing, and quality assurance services to manufacturers and retailers of foods, dietary supplements, pharmaceuticals, household chemicals, and personal care products.