Business

Chr. Hansen to become part of Novozymes in biggest-ever Danish food industry deal

Within four years of the completion of the merger, the companies expect an impact on earnings before interest and tax (EBIT) of 80-90 million euros and cost synergies of the same amount within three years.

Novozymes CEO Ester Baiget and Chief Finance Officer Lars Green will continue in their positions in the combined group.

“Novozymes and Chr. Hansen share the strong conviction that our combined scale, know-how, commercial strengths, and innovation excellence will drive value for our shareholders, customers, and society at large by providing the sustainable solutions the world so urgently needs,” Baiget said.

The companies said they expect the new group to post organic revenue growth of 6-8% until 205, beyond which the ambition will be “to continue to deliver accelerated sustainable growth from the underlying business coupled with new, and de-risked, innovation and growth opportunities.”

Novo Holdings A/S, the largest shareholder in both Novozymes and Chr. Hansen, has affirmed its confidence in the two companies being a perfect match.

It further noted that the transaction would create a global leader in biosolutions that would capitalize on attractive growth opportunities while serving societal needs.

Novo Holdings has said it will vote in favor of the merger at upcoming extraordinary general meetings of both Novozymes and Chr. Hansen, set to take place during the first half of 2023.

Jørgen Buhl Rasmussen, Chairman of Novozymes, added: “We are excited by the immense, additional potential we see in joining Novozymes and Chr. Hansen to create a true global biosolutions leader underpinned by our shared Danish heritage.

We are grateful to have such a supportive shareholder in Novo Holdings, one that shares our belief that the two companies will be even better together and enable significant shareholder value accretion.”

For all the latest food industry news from Africa and the World, subscribe to our NEWSLETTER, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube channel.

Jay Ndungu

Jay is a computer scientist and journalist with a passion for the intersection of technology and society. He has a background in computer science, developing a deep understanding of the technical aspects of the industry, including programming languages and software development methodologies. Currently, He writes for Nairobi Times, covering a wide range of topics including technology, politics, sports, and entertainment. With his unique combination of technical knowledge and journalistic experience, Jay brings a unique perspective to the stories he covers, able to explain complex technical concepts in an easy-to-understand manner. His work is dedicated to bridge the gap between technology and society, and to make people more aware of the potential of technology to make the world a better place.

Related Articles

Leave a Reply

Back to top button
WP Twitter Auto Publish Powered By : XYZScripts.com