LANSING, Mich., June 1, 2015 /PRNewswire/ -- Neogen
Corporation (NASDAQ: NEOG) announced today that it has acquired the
assets of Sterling Test House, a leading commercial food testing
laboratory based in southwest India, and that the acquired laboratory will
serve as a base for the company's new operations in India.
Sterling Test House was
incorporated in 1990, and its business has grown to include
virtually all of the food safety and water quality testing for
major hotels and restaurants in its home region, as well as safety
and quality analysis for the country's expanding nutraceutical
market, and growing food export businesses. The laboratory is
located in Cochin in the State of
Kerala, which is India's leading
region for the export of spices, tea, and fresh fruits and
vegetables.
"Sterling's excellent reputation and 25-year history of
providing exceptional service to the food and nutraceutical
industries align perfectly with our goal of establishing a solid
presence in India," said Dr.
Jason Lilly, Neogen's vice president
of corporate development. "Much as we did in China, this acquisition is intended to bolster
our long-term strategy of accelerating our revenue growth in
critical global food safety markets. India's rapidly expanding middle class is
increasingly demanding more, higher quality foods — which is an
exact match with Neogen's mission."
Sterling Test House was one of
the first testing companies in India to earn full National Accreditation
Board for Testing and Calibration Laboratories accreditation, which
enables the laboratory to perform services for the full range of
testing customers, and is fully compliant with the Indian Food
Safety Standards Act for food safety testing. The business has 40
employees, who will be continuing with the acquisition. Sterling
will be a part of Neogen's wholly owned subsidiary, Neogen Food and
Animal Security (India) Private
Limited.
"We are immensely pleased to be joining Neogen," said Shivdas
Menon, managing director of Sterling Test House. "The timing for
expansion in India in the food
safety market is perfect for Neogen to provide leadership to the
public and private sectors in their efforts to strengthen the food
chain in its entirety."
Terms of the agreement were not disclosed.
Neogen Corporation develops and markets products dedicated to
food and animal safety. The company's Food Safety Division markets
dehydrated culture media, and diagnostic test kits to detect
foodborne bacteria, natural toxins, food allergens, drug residues,
plant diseases and sanitation concerns. Neogen's Animal Safety
Division is a leader in the development of animal genomics along
with the manufacturing and distribution of a variety of animal
healthcare products, including diagnostics, pharmaceuticals,
veterinary instruments, wound care and disinfectants.
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CONTACT:
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Steven J.
Quinlan
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Neogen Vice
President & CFO
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517/372-9200
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SOURCE Neogen Corporation