EID Parry acquires Bayer's nutraceuticals arm Alimtec in Chlie
26 April 2014
Murugappa Group company EID Parry (India) Ltd has acquired Chilean nutraceuticals firm Alimtec SA, a group company of German chemicals giant Bayer, for an undisclosed sum.
Chennai-based EID Parry had earlier acquired a nutraceuticals firm in the US and the Chilean acquisition will ensure reliable sourcing of Astaxanthin for US Nutraceuticals LLC (Valensa International), which makes Astaxanthin based formulations, the company said in arelease.
The company plans to use the entire production of Alimtec by Valensa for its products catering to US and European markets.
Alimtec makes Haematococcus pluvialis biomass, a cultured micro-algae, which is a rich natural source of Astaxanthin for human use.
Astaxanthin is a strong antioxidant used in cosmetics, herbal products and dietary supplements.
EID Parry is a part of Rs22,500 crore Murugappa Group headquartered in Chennai. The company is in the business of sugar, microlagal health supplements and bio products.
The company manufactures and exports certified organic Spirulina and carotenoids like Natural Beta Carotene, Astaxanthin and Tomato Lycopene.
It has commercialised three major micro-algae sources of nutraceuticals - Spirulina, Dunaliella salina (source of natural beta carotene) and Haematococcus pluvialis.
It operates through two units - the US-based Valensa and Parry Phytoremedies located in Pune, which manufactures Tomato Lycopene.
EID Parry is also engaged in manufacture and marketing of products such as sugar and alcohol besides co-generation of power and bio-pesticides.
The company had, in November 2008, announced the strategic acquisition of a48-per cent stake in Nutraceuticals and in FY11, the company acquired another three-per cent stake in the US firm, raising its stake to 51 per cent.
In September 2011, EID Parry acquired the remaining 49 per cent stake in US-based Nutraceuticals LLC or Valensa for $4.51 million.