INDIA – Corbion, a leading global provider of sustainable ingredient solutions, has announced its acquisition of the bread improver business from Novotech Food Ingredients, based in New Delhi, India.
This strategic move revealed on August 8, 2024, aims to enhance Corbion’s regional footprint and diversify its product offerings, ultimately benefiting Indian bakers through access to a robust global customer support network.
Founded in 2014, Novotech Food Ingredients specializes in manufacturing and supplying a variety of bakery ingredients, including non-dairy whip toppings, chocolate compounds, food emulsifiers, starches, and bread improvers.
The acquisition allows Corbion to integrate Novotech’s locally developed products into its existing portfolio, thereby addressing specific market needs and preferences in India.
“This acquisition marks a significant strategic milestone for Corbion,” stated Andy Muller, President of Corbion’s Functional Ingredients and Solutions division.
He emphasized that the company is committed to sustained growth in India and expanding its reach across Asia. “By enlarging our footprint, augmenting our portfolio with products tailored to local market needs, and enhancing our collaboration with India-based global customers, we’re showing our commitment to sustained growth in India and broadening our reach into Asia.”
The deal strengthens Corbion’s position as a global solutions provider and highlights the importance of local expertise in meeting customer demands.
Muller added, “Leveraging local manufacturing strengths will help reinforce our position as a global solutions provider that is regionally relevant.”
This acquisition is expected to provide Indian bakers with the flexibility and confidence that comes from sourcing high-quality ingredients from a leading global supplier.
Financial details surrounding the acquisition have not been disclosed, but the transaction is seen as a pivotal step in Corbion’s strategy to expand its market presence in India.
The company aims to deliver functional solutions that cater to a broader range of customer needs, thereby enhancing its competitive edge in the region.
Corbion is known for its innovative use of fermentation to create lactic acid and its derivatives, functional blends, and algae ingredients.
In the previous year, the company reported annual sales of €1,443.8 million (US$1,579.60 million), with €637.1 million (US$696.8 million) generated in the first half of the current year.
Recently, Corbion sold its emulsifiers business to Kingswood Capital Management, allowing it to sharpen its focus on fermentation-based technologies.
Looking ahead, Corbion has set ambitious sustainability goals, aiming to reduce absolute scope 1 and 2 emissions by 42% and scope 3 emissions by 25% by 2030.
This acquisition aligns with the company’s commitment to sustainability while also enhancing its product offerings in the Indian market.
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