Plant-based ingredients provider Naturex has divested its stake in the joint venture with Aker Biomarine which was created to krill extract production.
As part of the agreement, Aker BioMarine will pay Naturex an undisclosed sum through a three-year interest bearing vendor loan with regards to this stake sale.
The transaction completion is subject to customary approval of the parties to the New Market Tax Credit program to which the joint-venture had applied in 2013.
Following the completion of the transaction, Aker BioMarine will have full ownership of the production site based in Houston, Texas, which is dedicated to krill extraction that has been fully operational since September 2015.
Naturex CEO and Director Olivier Rigaud said: "As a long-standing partner, Naturex was able to assist Aker BioMarine, from the conception phase of this industrial project to its execution, by providing its technical expertise in extraction processes according to Current Good Manufacturing Practice (CGMPs).
"Our decision to withdraw from this joint venture, finalised in accordance with Naturex's best interests, is fully in line with the execution of our Bright2020 plan to allow us to concentrate on our core businesses and develop the Group's strategic assets."
Recently, Naturex entered into a long-term preferred partnership agreement with Swisse Wellness for the supply of natural ingredients. Under the partnership, both the companies will also work on developing innovative natural and healthy integrated solutions.
The long-term partnership is intended to strengthen ties between two major players in the nutraceutical industry, as it combines their expertise.
Image: Naturex offloads krill extract production joint venture. Photo: Courtesy of rakratchada torsap/FreeDigitalPhotos.net.
