Korean firm strives to expand business horizon in US
South Korea’s leading nutrition firm Easy Bio announced on Feb. 29 that it had gobbled up Devenish Nutrition of the United States to beef up its feed additive and premix business in North America.
To close the deal, Easy Bio USA acquired a 100 percent stake in Devenish Nutrition from the latter’s parent company Devenish Holdings in Northern Island.
However, the two sides did not disclose details of the deal, including its price.
Devenish Nutrition debuted in 1998 in Fairmont, Minnesota, and became one of the top U.S. players in the feed additive and premix segments by establishing production and research facilities in North America.
In comparison, Easy Bio boasts of leading-edge technology in alternative antibiotic solutions, cost-saving solutions, and animal gut health solutions.
The Seoul-based company, of which history stretches back to 1988, now guns for a global powerhouse in the futuristic eco-friendly animal industry.
East Bio said that the firm had gone ahead with the acquisition because Devenish Nutrition’s management philosophy is in line with that of the Korean firm.
“Devenish Nutrition is already a leading company in the North American market with its solid technology and various solutions,” Easy Bio CEO Stevenson Hwang said in a statement.
“We are confident that this is an outstanding achievement and competitiveness of many talented people in the company, including management. Easy Bio believes it has a significant responsibility to fully support Devenish Nutrition so that the company with these strengths can continue to develop and grow into a market leader in the future through this acquisition.”
Devenish Nutrition CEO Cory Penn also pinned high hopes on the amalgamation.
“Devenish Nutrition is a well-established and well-recognized brand across the United States and Mexico livestock industry. With the help and support of the Easy Bio Group, we will continue to expand our footprint across North America with investments in people, research, and manufacturing facilities. The relationship with Easy Bio will provide Devenish Nutrition with significant benefits, including additional financial resources, access to a unique and innovative product portfolio, as well as access to additional research capabilities,” he said.
“We believe these additional resources will ultimately benefit all our stakeholders, including customers, employees, and supplier partners. Our business is built around a strong employee culture, with a focus on delivering nutritional solutions to support the challenges and opportunities of our customers. Easy Bio has similar strong values and an appreciation of employees being its strongest asset, which points toward a very successful business that I believe will go from strength to strength. It is an exciting time for Devenish Nutrition’s North American business.”