Japanese chemical trading firm Nagase Group has completed the purchase of ingredient manufacturer and distributor Prinova Group.
The deal, which was announced in June, will enable Nagase to expand its footprint in North America and Europe.
Though Prinova is now owned by Nagase, its brand, mission and core offerings will remain the same. Prinova’s worldwide leadership team is to remain in place and, within Nagase’s infrastructure, will continue to oversee the strategic growth of the Prinova brand.
The deal is said to give Prinova larger operational scale and enable it to pursue new business opportunities around the world.
“Prinova is among the world’s largest distributors and providers of functional ingredients and integrated nutritional solutions to food, beverage and wellness brands but we have always had a broader vision: to make a larger global impact by helping our customers grow their brands and improve their customers’ quality of life,” said Don Thorp, president of Prinova USA.
“As we discussed a possible combination with Nagase, we quickly realised that its global infrastructure, desire to increase its footprint in the food and nutritional ingredients space, and above all else, its commitment to the highest standards of quality and safety, made this an ideal opportunity for our company to realise its vision. We are excited about the opportunities that this partnership will provide for our customers and dedicated employees.”
Kenji Asakura, president and CEO of Nagase Group, added: “This acquisition marks a significant milestone in our continued effort to expand Nagase Group’s global footprint in a high value-added business.”
Nagase Group now owns more than 100 companies around the world, manufacturing and distributing products such as resins, functional polymers, plastic products, electronic materials, functional food and pharmaceutical ingredients.
© FoodBev Media Ltd 2019
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