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FMC agrees acquisition of Pectine Italia assets
Posted on Thursday, 02 August 2012 12:51
Pennsylvania-based FMC Corporation has agreed to acquire the business assets of Italy’s Pectine Italia, which makes pectin for the food ingredients sector.
With the purchase, FMC expands its portfolio of hydrocolloid texturants and stabilisers.
Michael Wilson, president of FMC’s speciality chemicals division said: “This acquisition continues our strategic expansion into the high-growth, natural-based food ingredients market.
“With our recent acquisitions of two natural food colours businesses, our entry into pectin underscores our commitment to broaden FMC’s portfolio of innovative food ingredients.
“It also represents another important step in our Vision 2015 growth journey.”
Mike Smith, division manager of the company’s biopolymer business added: "Pectin has a very positive consumer image and unique functionality that has helped it grow globally in recent years."
"FMC BioPolymer's global resources, technical service and more than 65 years of product development, coupled with Pectine Italia's pectin processing knowledge, will allow us to grow a new platform as an industry-leading pectin supplier."
No financial details of the transaction, which is expected to complete during the third quarter of this year, have been disclosed.
FMC Corporation was founded in 1883 and is headquartered in Philadelphia.
The company employs around 5,000 people worldwide and operates through three business divisions: agricultural products, speciality chemicals and industrial chemicals.
It recorded sales of USD 905.20 million for the second quarter of fiscal 2012, up 11.0 per cent on the same period in 2011.
Pectine Italia is based in Milan and was founded in 1994 by Swiss industrial holding company Obi.
The firm was originally known as Obipectine Italia but was renamed following its acquisition by IGM in 1997.
It produces pectin, a polysaccharide often used as a gelling agent in the production of jams and jellies, as well as in various confectionery products, medicines and fruit juice drinks.
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