US Neogen acquires insecticide producer Chem-Tech

02 January 2014 18:47 Source:ICIS News

HOUSTON (ICIS)--US food safety firm Neogen has acquired the stock of Chem-Tech, a family-owned producer of insecticides for the animal and food industries, Neogen said on Thursday without disclosing financial terms.

Neogen said that Pleasantville, Iowa-based Chem-Tech would strengthen its position as a “one-stop shop” for meat, milk and egg producers. Chem-Tech had revenues of more than $14m (€10m) in the last 12 months.

"Chem-Tech fits the Neogen model of supplementing our organic growth with growth through acquisitions," said Jason Lilly, Neogen's vice president of corporate development.

"Like many of our acquisitions, we will be able to consolidate administrative, sales and research and development with our existing groups,” Lilly said.

“We expect to continue to operate [Chem-Tech’s] manufacturing facility in Iowa along with significant portions of its warehousing and distribution", he added.

($1 = €0.73)

By Stefan Baumgarten