Smart Balance May Add More Dairy to Raise Sales to $500 Million

Smart Balance Inc. (SMBL), the maker of lower-cholesterol butter and cheese, said it’s focused on growing its dairy-product offerings beyond milk and buttery spreads to generate $500 million in annual sales by 2012.

Smart Balance is expanding the sale of its new milk products to New York, after testing the products in Florida since 2007, according to Chief Operating Officer Bob Gluck. The company will consider making sour cream, dairy creamers, egg substitutes, yogurts and smoothies as it seeks to expand, Gluck, 59, said.

Smart Balance doubled its revenue to $221.9 million in 2008 from a year earlier.

Smart Balance rose 12 cents, or 2.1 percent, to $5.80 at 3:42 p.m. New York timein Nasdaq Stock Market composite trading. The shares lost 16 percent this year before today.

To contact the reporter on this story: Allison Abell Schwartz in New York at aabell@bloomberg.net.

To contact the editor responsible for this story: Jennifer Sondag at jsondag@bloomberg.net.

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