DENMARK: Novozymes swoops for Iogen Bio-Products
Leading bio-innovation business Novozymes has acquired Iogen Corporation subsidiary Iogen Bio-Products for a sum which could rise to C$80m (US$79.9m).
The deal, which gives the Danish company all commercial rights to Iogen Bio-Products’ existing product portfolio, pipeline, facilities and know-how, was done for C$67.5m, plus potential earn-out payments of up to C$12.5m.
The acquisition includes all of Canada-based Iogen Corporation’s industrial enzyme business, but does not cover assets related to Iogen’s bioenergy process technologies.
Iogen Bio-Products currently produces and sells enzymes for industries including textiles.
“Iogen Bio-Products is a good fit for Novozymes,” said Andrew Fordyce, vice president of global enzyme sales and customer solutions at Novozymes.
“We get a number of products that complement our existing product portfolio and welcome a talented group of employees who are very good at developing and producing industrial enzymes.”
The deal, expected to close in late February, is expected to have a slight positive impact on Novozymes sales in 2013, but a mildly negative effect on EBIT and EBIT margin.
Sectors: Fibres & fabrics
- US fashion firms share their sourcing strategies
- Cost biggest barrier to Bangladesh RMG remediation
- How apparel retailers should react to Brexit
- Britain votes for Brexit – what happens next?
- Lies and statistics – the sustainability version
- Ten key trends in apparel and footwear markets
- Bangladesh firm comes top in World Textile Awards
- Columbia rain jacket a milestone in sustainability
- Primark continues US expansion with third store
- Myanmar factories prepare for compliance training
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Primark Stores Limited: Retailing - Company Profile & SWOT Analysis
- Clothing & Footwear Retailing in Indonesia– Market Summary & Forecasts
- Clothing & Footwear Retailing in China – Market Summary & Forecasts
- Nike Inc in Apparel and Footwear (World)