DENMARK- Danish bioscience giants Novozymes and Chr. Hansen recently unveiled the name of their upcoming merged entity: Novonesis, a year after the initial revelation of their plans to merge.
While the new name is officially disclosed, it will only be put into effect once the proposed combination of the two bioscience companies is finalized. This is anticipated to occur in the first quarter of 2024, contingent upon regulatory approval.
Until then, Novozymes and Chr. Hansen will continue to function as entirely separate entities.
The unveiling of Novonesis comes hot on the heels of a recent announcement that Kerry will acquire the lactase enzyme business from the merging companies.
The deal is set to be worth around US$161.7 million, subject to closing adjustments, and is expected to conclude in the first half of 2024.
Novonesis, the chosen name for the merged entity, holds significant meaning as it signifies ‘A new beginning.’ The name incorporates the Greek word ‘genesis,’ meaning ‘origin’ or ‘beginning,’ and ‘novo,’ meaning new. This nomenclature is intended to represent a “new era of biosolutions” according to a press release from Novozymes.
Ester Baiget, President and CEO of Novozymes, emphasized the name’s significance, stating, “Novonesis reflects where we came from, what we can achieve, and what we will become together.
In Novonesis, we will unite the brightest minds and the best science and technology in the field to help customers and businesses prosper while enabling them to solve some of the greatest challenges we all face. We are here to start an era of biosolutions.”
Cees de Jong, Chairman of Novozymes, highlighted the collaborative effort in developing the name.
“It has been crucial to find a name that can be a home to all our 10,000 employees, but even more importantly the name should represent the future potential of biosolutions. We believe we have found that name in Novonesis.”
The process of choosing a new company name involves careful consideration, according to Peter Wennström, founder of specialist branding agency The Healthy Marketing Team (HMT).
He notes that a name change can come with risks, such as “losing your heritage i.e., the brand equity you have built in your business.” However, Wennström acknowledges that a well-communicated renaming can adapt to brand positioning and educate the audience about the new direction.
Novonesis is poised to usher in a new chapter for the merged entity, blending the strengths and expertise of Novozymes and Chr. Hansen to address challenges in the biosolutions sector.
For all the latest grains industry news from Africa, the Middle East, and the World, subscribe to our weekly NEWSLETTERS, follow us on LinkedIn, and subscribe to our YouTube channel.
