NEOGEN combines with 3M's Food Safety business

NEOGEN is merging its business with 3M’s separated Food Safety business, with the combined company expected to have an enterprise value of approximately US$9.3 billion.

“This combination will enhance NEOGEN’s position in this new era of food security, equipping us with an expanded product line that enables us to capitalise on our growing footprint, reaching more customers, more often, while continuing our track record of strong and consistent growth,” said John Adent, NEOGEN’s President and Chief Executive Officer.

“The heightened global focus on food security, sustainability and supply chain solutions around the world presents exciting opportunities for NEOGEN to be positioned as an innovative leader at the forefront of the growth and digitisation of the industry. We’re excited to welcome 3M’s Food Safety employees to the NEOGEN team, and we’re looking forward to demonstrating the immense benefits of this combination to our customers, employees and shareholders.”

The acquisition will see NEOGEN handle 3M’s food safety offerings, resulting in NEOGEN offering expanded technological and laboratory capabilities, while continuing to provide the services that had previously been available through 3M Food Safety. The resulting company will thus offer a range of services including genomics and DNA testing, indicator testing and pathogen detection.

With the combined company’s wider geographical reach, it is aiming for worldwide growth and has resolved to position itself as an innovator in the food safety testing sector.

Pending approvals of regulatory and shareholder boards, the transaction is expected to be completed by Q3 2022.

Image credit: ©stock.adobe.com/au/Natee Meepian