Naturex Sells its Equity Interests in Joint Venture with Aker Biomarine
29 Mar 2016 --- Naturex have informed its shareholders of the full divestiture of its interests in the joint-venture devoted to krill extract production created in February 2013 with the Norwegian group Aker BioMarine.
As part of the agreement, Aker BioMarine undertakes to pay Naturex, through a three-year interest-bearing vendor loan, an undisclosed amount corresponding to this disposal. The completion of the transaction is pending upon customary approval of the parties to the New Market Tax Credit program to which the joint-venture applied in 2013.
The impact of this operation in Naturex's Profit & Loss Account is relatively neutral.
Aker BioMarine will thus have full and entire ownership of the production site based in Houston (Texas, United States) devoted to krill extraction that has been fully operational since September 2015.
"As a long-standing partner, Naturex was able to assist Aker BioMarine, from the conception phase of this industrial project to its execution, by providing its technical expertise in extraction processes according to Current Good Manufacturing Practice (CGMPs)", commented Olivier Rigaud, Chief Executive Officer and Director of Naturex. "Our decision to withdraw from this joint venture, finalized in accordance with Naturex's best interests, is fully in line with the execution of our Bright2020 plan to allow us to concentrate on our core businesses and develop the Group's strategic assets."
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