Evonik Industries AG has concluded a purchase agreement to acquire Wilshire Technologies Inc., with the transaction to be completed by the end of January. Headquartered in Princeton N.J., Wilshire Technologies supplies phytochemicals and derivatives to the global cosmetic and pharmaceutical industries.
The new home for the cosmetics part of Wilshire’s product portfolio will be in Evonik’s Care Solutions business line.
The purchase price will not be disclosed. Wilshire Technologies has developed a strong technology that obtains products based on renewable and non-animal-origin sources. Utilizing more sustainable and renewable sources for cosmetic ingredients has become an extremely important criteria that many personal care companies in the market today are aiming for. This acquisition marks a substantial addition to Evonik’s sustainable cosmetic active ingredients portfolio. Evonik’s Care Solutions business will be able to expand its product range into phytochemicals, such as plant derived cholesterol, as a replacement for animal originated ingredients in cosmetic active ingredients. This move supports the ongoing transformation of Evonik’s cosmetics ingredients portfolio towards sustainability and natural-based ingredients.
Additionally, Evonik’s Health Care business line will also benefit, from an enhanced portfolio for its naturally derived excipients and intermediates for pharma and food applications. With the acquisition of Wilshire Technologies and its innovative products for the cosmetics, pharmaceutical and food ingredients markets, Evonik is strengthening its focus on its “Health & Care” growth engine, established to meet the increasing demands from customers towards the global trend of more bio-based and sustainable products.
“With Wilshire’s unique products which replace animal origin ingredients and intermediates, we are moving another step forward with our development of a more diverse portfolio of sustainable active ingredients,” said Dr. Tammo Boinowitz, head of the Care Solutions business line at Evonik. “This latest acquisition allows us to continue our efforts in fortifying the flexibility of our products and technology platforms, while providing our customers with the bio-based products their markets demand,” said Boinowitz.
“We are looking forward to expanding the presence of our products across these global industries,” said Joe San Filippo, CEO and founder of Wilshire Technologies Inc.. He believes that Wilshire’s expertise, innovative portfolio and technologies will provide outstanding opportunities for intensifying Evonik’s competences in the fields of phytochemical ingredients and intermediates for the continuously developing cosmetic and health care industries.
Wilshire Technologies was founded in 1997 by former Rutgers professor, Joe San Filippo, who has over 35 years of product development experience in this field. The company’s broad portfolio provides cosmetic and pharma actives that come from natural and renewable sources.
By Mary Page Bailey
Source: Chemical Engineering
3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures. Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations.
Sweden’s state mining firm has discovered what could be Europe’s largest rare earths deposit, and says it could help the bloc reduce its reliance on imports of minerals needed to manufacture clean technologies and meet climate targets.
Henkel and Avantium have been partners since 2019, when Henkel joined the PEFerence consortium. This consortium of partners, coordinated by Avantium, aims to establish an innovative supply chain for FDCA and PEF (polyethylene furanoate).