IFF (NYSE: IFF) today announced that it has entered into an agreement to acquire Health Wright Products, LLC (HWP), a leader in formulation and capsule manufacturing for the dietary supplement industry.
Founded in 1995, HWP is located in Clackamas, Oregon, USA, and is a privately-owned and long-time business partner of IFF’s Health & Biosciences probiotics business. HWP is a global leader in the consumer Health and Nutrition industries, providing the highest-quality nutritional supplements. Using state-of-the-art processes and equipment, HWP manufactures custom formulations, and delivers encapsulation and packaging to meet the industries’ more exacting requirements for probiotic products. With over 165,000 ft2 (15,328 m2) of manufacturing space, the company generated approximately $100 million in annual revenue in 2021 and employed over 225 people who will continue with the company after the sale.
The acquisition will bring formulation and finished format capabilities to IFF’s Health & Biosciences probiotics, natural extracts and botanicals businesses, allowing for innovation in custom formulation and combination products through joint capabilities.
“Today’s announcement is driven by our commitment to enhance long-term value to our partners and customers. Producing thousands of unique and complex formulations for the industry’s most trusted brands, Health Wright Products formulation and finished format abilities will allow us to develop new and customized solutions and formats for a broad base of customers,” said Simon Herriott, President, IFF’s Health & Biosciences division.
“We look forward to joining IFF’s Health & Biosciences division. Health Wright Products best-in-class quality manufacturing and formulation capabilities, combined with the strong biotech innovation pipeline of IFF’s Health & Biosciences, is an exciting proposition for our customers and employees,” said Mark Wright, President, Health Wright Products.
The sale is expected to close in the first quarter of 2022, subject to customary closing conditions, and regulatory clearances. Financial terms of the deal have not been disclosed.
By IFF, Press Release
Source: ir.iff.com
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