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Novozymes A/S Acquires Enzyme Business from Iogen Corporation; Maintains FY 2013 Earnings Outlook


Thursday, 31 Jan 2013 03:00am EST 

Novozymes A/S announced that it acquires Iogen Bio-Products, the industrial enzyme business of Ottawa-based Iogen Corporation for CAD 67.5 million (approximately DKK 370 million) and potential earn-out payments of up to CAD 12.5 million (approximately DKK 70 million). The deal provides the Company with all commercial rights to Iogen Bio-Products’ existing product portfolio, pipeline, facilities and know-how. The Company acquires all of Iogen Corporation’s industrial enzyme business. The acquisition does not include the purchase of assets that relate to Iogen Corporation’s bioenergy process technologies. Iogen Bio-Products produces and sells enzymes for the pulp & paper, textile, grain-processing and animal feed industries. The company has close to 70 employees and sells over 20 products globally. The acquisition is expected to have a positive impact on the Company's sales growth in 2013 of approximately 0.5% depending on when the acquisition is closed. The acquisition is expected to have a slightly negative impact on EBIT and EBIT margin in fiscal year 2013, but outlook for EBIT growth and EBIT margin remains unchanged. The outlook for ROIC for 2013 is being changed from approximately 20% to between 19% and 20%, as a result of the additional capital invested. Novozymes' outlook for free cash flow excludes acquisitions and remains unchanged for fiscal year 2013. Closing of the acquisition is anticipated late February 2013, awaiting finalization of corporate formalities. 

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264.4
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1 Sep 2014