Evonik Industries AG on Thursday said it has acquired Madrid-based biotechnology company innovativeHealth Group.
innoHealth’s technology platforms screen and combine natural ingredients and extracts to generate new dermo-cosmetic products.
The German chemicals company said the acquisition – expected to complete by the end of March – will allow it to expand its product development for active ingredients as part of its strategy to grow its innovation footprint within and beyond the personal care field.
“With this latest acquisition we have strengthened our innovative power in the area of cosmetic active ingredients. We will now be able to optimize the costs and development time, as well as achieve high quality and high performance products that show attractive and scientifically proven properties,” said Tammo Boinowitz, Senior Vice President and General Manager at Evonik’s Care Solutions Business Line.
No financial details of the deal were disclosed.
Shares in Evonik were up 1.5% at EUR15.78 each on Thursday in Frankfurt.
By Ife Taiwo
Source: Alliance News via Morning Star
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