September 28, 2022
Trending Tags

Lansing Neogen merges with 3M’s Food Safety business

Read Time:2 Minute, 28 Second

A rendering of the proposed new three-story Neogen 
manufacturing and research building in Lansing.

LANSING — Biotech company Neogen Corp., which has operated in Lansing for 40 years, has announced the completion of a merger with multinational conglomerate 3M’s Food Safety business.

The transaction was first announced in December 2021 and the completion was announced Thursday.

The merger means Neogen will have significantly expanded food safety product offerings, particularly in indicator testing and pathogen detection areas, which complement its existing microbiology lines, according to Neogen’s website.

“This is the beginning of a new era for all of us at Neogen as we come together to create an innovative leader at the forefront of food security,” Neogen President and CEO John Adent said in a video posted on the company’s website.

Neogen scientist Debra Foti tests egg samples for salmonella at the company's Allen Street lab in 2010. Neogen has recently acquired a Brazilian pesticide manufacturer.

Neogen said the merger will have no immediate impact on either company’s operations or with how customers interact with them.

As part of the terms of the merger agreement, two additional directors will be appointed to Neogen’s Board of Directors, increasing the board to 10 members.

Under the terms of the merger, which involve a tax-free “Reverse Morris Trust” structure, existing Neogen shareholders will continue to own approximately 49.9% of the combined company and 3M shareholders will receive approximately 50.1% of the combined company, according to the merger press release.





Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Previous post Furkan Korkmaz: 76er Explains What Led to Turkey-Georgia Fight
Next post Six Shen students complete pilot EMT career program – The Daily Gazette