Corbion acquires Novotech bread improver business to expand Indian presence
08 Aug 2024 --- Corbion has acquired the bread improver business from Novotech Food Ingredients, India, to expand its regional presence and diversify its portfolio. The move also grants Indian bakers access to Corbion’s wide-ranging global customer support network.
Established in 2014, Novotech Food Ingredients is based in New Delhi, India. It manufactures, exports and supplies bakery ingredients like non-dairy whip topping, chocolate compounds, food emulsifiers and starches, besides bread improvers.
“By enlarging our footprint, augmenting our portfolio with products tailored to local market needs, and enhancing our collaboration with India-based global customers, we’re showing our commitment to sustained growth in India and broadening our reach into Asia.”
“Leveraging local manufacturing strengths will help reinforce our position as a global solutions provider that is regionally relevant.”
Financial details of the deal have not been disclosed.
Leveraging local expertise
The transaction marks a pivotal step in Corbion’s strategy to expand within the Indian market and deliver functional solutions that cater to a broader range of customer needs and preferences, says the company.
The move will give Indian bakers access to Corbion's customer network while it understands local market needs.Adding authentic, locally developed ingredients from Novotech’s bread improver unit to Corbion’s existing portfolio will also help the Dutch company enhance and further branch out its product range.
“We want our customers to make the most of the advantages that come with a leading global supplier. Our worldwide network offers them the flexibility and confidence of consistent sourcing,” adds Muller.
“Yet, we also know that local expertise adds significant value. This acquisition strengthens Corbion’s capacity to deliver both a global approach and regional insights, ultimately providing our customers with greater value.”
Business moves
Corbion, which leverages fermentation to formulate lactic acid and its derivatives, functional blends and algae ingredients, reported annual sales worth €1,443.8 million (US$1,579.60 million) last year and € 637.1 million (US$ 696.8 million) during the first half-year of this year.
The Amsterdam-based company recently sold its emulsifiers business to Kingswood Capital Management to sharpen focus on fermentation-based technologies. Following the divestment, it aims to “reduce absolute scope 1 and 2 emissions with 42% and absolute scope 3 emissions with 25% by 2030.”
