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Argan in talks to buy Vitarich Labs

ROCKVILLE, Md., May 20 (UPI) -- Argan Inc. of Maryland said Thursday it has entered into a letter of intent to acquire Vitarich Laboratories Inc. of Florida.

Vitarich Laboratories is a farm-to-market company that manufactures, packages and distributes premium nutritional products, including whole-food dietary supplements and other personal healthcare products.

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Argan produces airbag filters, precision filtration products and aftermarket aviation parts.

Completion of the proposed deal is contingent upon the completion of due-diligence, the negotiation and signing of a definitive purchase and sale agreement and the approval of both companies' boards of directors and other conditions.

The proposal calls for Kevin Thomas and his management team to continue guiding the operations of Vitarich, which will operate as a wholly owned subsidiary of Argan.

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