LOS ANGELES--(BUSINESS WIRE)--Herbalife Ltd. (NYSE: HLF), a global nutrition company, today announced it has reached an agreement in principle to form a joint venture with Tasly Holding Group, a leading Traditional Chinese Medicine (TCM) health products and services corporation. The joint venture would develop and commercialize high-quality consumer health products based on Tasly’s deep portfolio of proprietary formulations, patents, know-hows, and clinical studies by leveraging the Herbalife Nutrition scientific, regulatory and commercial development expertise to bring products to a global market through the Herbalife Nutrition distributor network. The proposed joint venture furthers the Herbalife Nutrition business plan to expand its product range globally.
“We are honored to work with Tasly, which is well regarded for its premium TCM products and ingredients,” said Michael O. Johnson, chairman and CEO, Herbalife. “The Herbalife Nutrition seed to feed philosophy ensures the quality and traceability of our ingredients from cultivation to the final delivery of products to customers, and Tasly has patents, clinical research, and traceability of key ingredients, making this a natural partnership.”
Dr. Henry Sun, Vice-Chair of Tasly Holding Group, said, “We believe the combination of Tasly’s pharmaceutical development experience and experts, clinical research skills and network along with the two firms' high-end quality control standards, will bring the best evidence-based products to consumers.”
Tasly manages a broad spectrum of leading pharmaceutical, consumer products, healthcare services and distribution channels in China. As a pioneer of TCM modernization, Tasly, through innovations in standards and technologies, has created a manufacturing and development process and set up a comprehensive, standardized and digital system which produces high-quality TCM products.
The joint venture is expected to be finalized within the next 60 days.
Herbalife is a global nutrition company that has been changing people's lives with great products since 1980. Our nutrition, weight-management, energy and fitness and personal care products are available exclusively to and through dedicated Herbalife Independent Members in more than 90 countries. We are committed to fighting the worldwide problems of poor nutrition and obesity by offering high-quality products, one-on-one coaching with an Herbalife Member and a community that inspires customers to live a healthy, active life.
We support the Herbalife Family Foundation (HFF) and its Casa Herbalife programs to help bring good nutrition to children in need. We also sponsor more than 190 world-class athletes, teams and events around the globe, including Cristiano Ronaldo, the LA Galaxy and champions in many other sports.
The company has over 8,000 employees worldwide, and its shares are traded on the New York Stock Exchange (NYSE: HLF) with net sales of $4.5 billion in 2015. The Herbalife website contains a significant amount of financial and other information about the company at http://ir.Herbalife.com. The company encourages investors to visit its website from time to time, as information is updated and new information is posted. To learn more, visit Herbalife.com or IAmHerbalife.com.
Tasly Holding Group Co., Ltd. was founded in 1994 and is based in Tianjin, China. As a high-tech enterprise group, with the core of the pharmaceutical operations, Tasly's business includes Modern TCM, Chemical Medicine, Bio-pharmaceuticals, and high-quality consumer health products covering Scientific Research, Cultivation, Extraction, Formulation and Marketing. Tasly has created industrialized platform for TCM innovative development and intelligent manufacturing. Tasly has an extensive marketed product line and pipeline supported by strong patent portfolio including more than one thousand patents. The company has over 18,000 employees worldwide. The Tasly website contains a significant amount of information about the company and its products at http://www.tasly.com/en_web/.
This earnings release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following:
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