Jul 27: Advanced Enzyme Technologies Ltd (AETL), a leading Indian player in the enzymes industry, on Thursday, announced acquisition of Evoxx, a German company through its Amsterdam-based subsidiary for a total consideration of Euro 7.65 million.
“The company’s wholly-owned subsidiary, Advanced Enzymes Europe BV, based in Amsterdam (The Netherlands) has signed a definitive agreement on July 26, 2017, with Evoxx Technologies GmbH, a company based in Germany, and all the shareholders of Evoxx would acquire 100% shareholding (1,64,031 shares) in Evoxx for a total consideration of Euro 7.65 million,” Advanced Enzymes said in a filing with the BSE.
“On completion of the acquisition, Evoxx will become a direct subsidiary of Advanced Enzymes Europe BV and indirect subsidiary of Advanced Enzyme Technologies Ltd,” it added.
The acquisition comes just two weeks after the incorporation of Advanced Enzymes Europe BV. Eyeing business expansion in the European markets, it was on July 13, 2017, that the company announced setting up of this new arm.
According to the company, the acquisition, which is also aimed at expansion of business in Europe and strengthening of research as well as development capabilities, is expected to be completed by mid of August 2017.
The acquired entity belongs to the development and production of enzymes, along with certain nutritional carbohydrates. Besides Europe, the entity has presence in India and China also.
Advanced Enzyme is a research-driven firm with an aim to replace traditionally-used chemicals with eco-friendly enzymatic solutions. The Thane-based firm is a leading manufacturer of enzymes and provides eco-safe solutions to a wide array of industries like human health care and nutrition, animal nutrition, baking, fruit and vegetable processing, brewing and malting, grain processing, protein modification, dairy processing, specialty applications, textile processing, leather processing, paper and pulp processing and bio-fuels among others.
The company has development in India and the US and has over 100 enzyme products under its belt. Shares of the company were trading at Rs 336, up 0.15% from the previous closing of Rs 335.50, on BSE at 12.50 pm today.