Lycored Sells Premix Business to Prinova
26 Jun 2017 --- Global carotenoid leader Lycored is selling its nutrient premix business to US food ingredients supplier Prinova.
As part of the transaction all the company’s premix-related activities and assets – which are based mainly in the UK and China – will be transferred to Prinova.
The divestment is another step in executing the business strategy Lycored announced two years ago. It will allow the company to focus on its core activities – carotenoids for food and health, tomato-based products and micro-encapsulated ingredients.
Rony Patishi-Chillim, CEO of Lycored, said: “This is an exciting transaction for both companies.For Lycored it is a key step in realizing our strategic direction and brand promise to cultivate wellness. By focusing on our core technologies and our fully vertically integrated business, we will be able to enhance our offering and maintain our dedication to customers.”
She continued: “Prinova is inheriting some great teams and bringing in its own expertise.We areconfident that it will continue to provide excellent service to premix customers across the world while we will even better focus on our main business areas.”
The transaction was agreed earlier this month and was completed on Friday, 23 June 2017.
Prinova holds strategic stocks in numerous distribution centers around the world to ensure continuity of supply and is the leading global supplier of Vitamin C, B and food grade Amino Acids.
“Prinova has made substantial investments in our North American premix operations and supplies a wide variety of dry and liquid nutrient and flavor premix blends in the US and internationally,” said Don Thorp, President, Prinova. “The addition of these premix capabilities gives Prinova the ability to extend these offerings on a global basis, customized to the needs of the regional markets,” he said.
The Lycored facilities in China and the United Kingdom have been supplying leading international food companies with premixes to fortify their products with vitamins, minerals and other nutrients. These premixes address the cereal, beverage, dairy, infant formulation, and other premix categories, reflecting the ability to deliver product solutions to the entire range of premix markets.
“This acquisition gives Prinova a global footprint with six manufacturing sites around the world located on three different continents,” Thorp said.
David York, CFO, Prinova stated: “Prinova is incredibly excited about this acquisition. We now feel very confident we can supply our customers worldwide.” York said that as part of the agreement, Prinova will retain all Lycored’s employees in China and the United Kingdom.
