Sweet deal: EID Parry acquires balance stake in US firmOctober 7th, 2011 - 10:18 pm ICT by IANS
Chennai, Oct 7 (IANS) With smart bargaining, India’s EID Parry (India) Ltd has acquired the remaining 48 percent stake in the US-based nutraceuticals company Valensa International for Rs.22.4 crore, said a official of the Rs.1,278 crore revenue sugar major.
“The current stake purchase is at a lower price as compared to what we had paid for acquiring 52 percent stake earlier in two phases. We had paid a sum of around Rs.48 crore earlier,” P. Gopalakrishnan, vice president (finance), told IANS.
He said there is lot of synergy between the two companies now and hence decided to acquire the remaining stake.
He said the Florida-based Valensa has a turnover of around $12 million and is likely to turn profitable this calendar year. The acquisition would enable the company to move in the nutraceutical value chain, he said.
Valensa is a science-based developer and provider of high quality nature-sourced ingredients and formulations for nutritional supplements and functional super foods.
Its certified organic production facilities are located in a protected pine forest and saw palmetto grove in Orlando, Florida.
The company offers a range of branded ingredients and innovative formulations including astaxanthin, spirulina and astaxanthin Complex, saw palmetto extracts, perilla seed CO2 extract, CO2 chia seed extract, chia seed oil, low-fat whole grain, cranberry seed extract, astaxanthin-cranberry seed extract and its new formulated Krill product.
EID Parry has its nutraceutical division making organic spirulina, natural beta carotene and others. The company has its production facilities in Tamil Nadu and Maharashtra.
The company entered the over-the-counter (OTC) segment with its Pro9, a protein-based drink powder.
“Valensa has developed new clinically trialed formulated products for joint health based on Krill oil and key Valensa ingredients such as astaxanthin. The product will be marketed by others under their own brand name in the US,” said Sajiv Menon, business head (Bio and Nutraceuticals).
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Tags: chia seed, eid parry, india ltd, joint health, krill, natural beta carotene, nutritional supplements, organic production, otc segment, perilla, pine forest, pro9, quality nature, saw palmetto, seed oil, spirulina, sweet deal, value chain, vice president finance, whole grain