According to foreign reports, the fine chemicals company Degussa has agreed to sell its food additive business to Cargill for $670 million. The products involved in the business include food bulking agents, flavorants and bioactive ingredients. Last year's sales were approximately $545 million. The transaction must also be approved by the Degussa Supervisory Board and the relevant regulatory authorities.
Degussa announced that it would withdraw from the food additive market as early as last October and started to divest in February of this year, selling its fruit additive business with annual sales of about 80 million US dollars to a private equity group.
American agricultural industry giant Cargill is a privately held joint-stock company, claiming that this acquisition is the largest merger case since 2002. Cargill’s CEO stated that the acquisition of the Degussa Food Additives business will enable Cargill to become a leader in this industry and provide a variety of specialty additives to food and beverage companies around the world.
Chemical companies have gradually withdrawn from the food additive market for some time. Last year, ICI and Rhodia successively sold their food additive business to Kerry Group and Danisco respectively. This year, DSM also sold its fermentation business, but retained the food additive business.
Degussa announced that it would withdraw from the food additive market as early as last October and started to divest in February of this year, selling its fruit additive business with annual sales of about 80 million US dollars to a private equity group.
American agricultural industry giant Cargill is a privately held joint-stock company, claiming that this acquisition is the largest merger case since 2002. Cargill’s CEO stated that the acquisition of the Degussa Food Additives business will enable Cargill to become a leader in this industry and provide a variety of specialty additives to food and beverage companies around the world.
Chemical companies have gradually withdrawn from the food additive market for some time. Last year, ICI and Rhodia successively sold their food additive business to Kerry Group and Danisco respectively. This year, DSM also sold its fermentation business, but retained the food additive business.
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