CP Kelco to acquire Gold Millet
The pending addition of Gold Millet operations is expected to boost CP Kelco's xanthan gum production capacity.
20/12/05 CP Kelco, the world leader in biogums solutions, has announced that it has signed an Equity Interest Transfer Agreement to purchase 100% of Shandong Gold Millet Biological Products Company based in Shandong Province, China.
The transaction is expected to close on or about February 15, 2006, pending formal approval of certain agencies of the Chinese government. Financial terms of the transaction were not announced.
The pending addition of Gold Millet operations is expected to boost CP Kelco's xanthan gum production capacity and enable the business to better serve its growing xanthan gum customer base in food and non-food industries, and emerging regional markets.
CP Kelco is a leading global producer of specialty hydrocolloids, with more than 2,000 customers in over 100 countries and facilities in North America, Europe, Asia and Latin America. Owned by J.M. Huber Corporation, CP Kelco produces xanthan gum, pectin, carrageenan and carboxymethlyl cellulose (CMC), the most widely-used cellulose ether in the world.
Gold Millet entered the xanthan gum business in 2001 and is currently China's second largest producer. The company's site in Shandong Province, China, is dedicated to xanthan gum production, including all phases of fermentation, recovery, drying, milling and packaging. Gold Millet serves a broad array of applications and international markets.
