24 July 2013 13:24 [Source: ICIS news]
HOUSTON (ICIS)--FMC has acquired all the shares of omega-3 fatty acid concentrates producer Epax Nutra Holding III AS (Norway) and Epax UK Holding III AS (UK) to strengthen its position in the nutraceuticals market, the US chemicals firm said on Wednesday.
FMC bought the shares from Norway-based Trygg Pharma in a deal valued at $345m (€262m).
FMC's acquisition includes Epax's world-scale production facilities in Alesund, Norway, and Seal Sands, UK.
As a part of the deal FMC entered into a long-term agreement to supply Trygg with high-concentration omega-3 fish oil for use as an active pharmaceutical ingredient.
"Earlier this year we committed to invest in our FMC Health and Nutrition platform by expanding participation in nutraceuticals and similar high-growth markets," said FMC CEO Pierre Brondeau.
"Today's announcement underscores our commitment to this strategy and builds on our strengths in functional ingredients for the food and pharmaceutical markets,” Brondeau said.
FMC added that the market for omega-3 fatty acids is worth $2.1bn/year, with annual growth rates projected at 12-15%.
($1 = €0.76)
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