International enzyme technology firm Novozymes is expanding its business by acquiring Canada-based Iogen Corporation in a deal worth some $67 million.
The deal was announced early Friday.
Earn-outs to Iogen could add another $12.5 million to the deal.
Iogen offers a lineup of industrial enzymes known as Iogen Bio-Products. The deal does not include Iogen’s bioenergy process technology.
“Iogen Bio-Products is a good fit for Novozymes,” says Andrew Fordyce, vice president of Global Enzyme Sales and Customer Solutions at Novozymes. “We get a number of products that complement our existing product portfolio and welcome a talented group of employees who are very good at developing and producing industrial enzymes.”
The company has some 70 employees and sells more than 20 products around the world. It was formed in 1991.
Novozymes, which operates its North American headquarters in Franklinton, will have a new CEO as of April 1. Peder Holk Nielsen will succeed long-time CEO Steen Riisgaard as of April 1.
Novozymes develops enzymes for use in biofuels as well as some 30 other industries.
