Devenish Nutrition Group, focused on developing sustainable food solutions, has announced the sale of its North America division, Devenish LLC, to Easy Bio Corporation, one of South Korea’s leading animal nutrition companies.
The Northern Ireland based animal nutrition company Devenish Nutrition Group has confirmed the completion of the sale of its North American wing to the South Korean agriculture and biotechnology group, Easy Bio Corporation. As part of this transaction, Devenish LLC and all its related assets were sold to Easy Bio. These assets include five manufacturing facilities in the USA and Mexico, as well as six research facilities which the business co-operates with a number of key customers in both USA and Mexico. The group stated that under a licencing agreement, Devenish LLC will have exclusive use of the Devenish brand in the USA, Canada and Mexico.
Devenish Group’s other activities in Europe and internationally are unaffected by this transaction and will continue to be serviced by its Belfast-based business and Devenish International sales team.
Devenish intends to apply the proceeds of the sale to redeem debt and to invest in its core activities in northwest Europe and other international markets.
Tony McEntee, Chief Executive of Devenish Nutrition Group, commented: “The Board of Devenish is pleased to announce its agreement to sell our North America business to Easy Bio. Following this disposal, the group will have a sharper business focus and will capitalise on the sustainable growth potential presented by our operations and activities in our core markets of Ireland, the UK along with our significant other International markets.” He added: “As a business we have worked closely with Easy Bio for many years and look forward to continuing to collaborate in the years ahead.”
Stevenson Hwang, Chief Executive of Easy Bio Corporation, said: “The acquisition of Devenish North America is part of our strategic growth plans for the USA, Canadian and Mexican markets. Devenish’s scientific and research-based approach to developing solutions, combined with excellent customer service is aligned with our business model and we look forward to continuing the strong growth achieved by the team in the coming years.”
