Brewing Euros
7 Jan 2003
Specialty chemical maker Rhodia announced yesterday that it has sold its UK-based brewing and enzymes businesses to Genencor International of the US for approximately 9 million Euros in cash.
The brewing and enzymes production businesses generated sales of around 17 million Euros in 2001.
Rhodia said in a statement that it sold the company due to the fact that enzyme production was not a core technology for Rhodia Food which is focusing on food additive products.
This transaction will enable Rhodia to exceed the target the company announced at the beginning of 2002 to generate a total of 500 Euros million from divestitures.
This is Genencor's second acquisition in the last 12 months aimed at enhancing aspects of its food, feed and specialty business. In February 2002, the company purchased Enzyme Bio-Systems from Corn Products International.
Enzymes are used in food, feed and specialties markets as processing aids and ingredients. In food and feed applications, they enhance nutritional value or modify the properties of fibres, proteins and starches. In brewing, enzymes are used to increase consistency and process efficiency.
