French ingredient company Naturex has agreed to buy Pure World Inc for approximately $36.8m.
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Upon completion of the transaction, expected in late July 2005, Pure World, Inc., headquartered in Bedminster, New Jersey, will become a wholly-owned subsidiary of Naturex SA, Naturex said.
Pure World Inc develops, manufactures and sells botanical extracts which are used by the cosmetic, food, flavour, nutraceutical and pharmaceutical industries to manufacture finished products for the consumer market.
Naturex has agreed to commence a tender offer to acquire all of the outstanding shares of common stock of Pure World and Paul O Koether, chairman of Pure World, Inc., has agreed to tender the shares of common stock beneficially owned by him, representing approximately 42% of the outstanding common stock. The tender offer requires that at least a majority of the shares outstanding on a fully diluted basis be tendered. The transaction, which has been approved by both companies’ board of directors, is contingent upon customary closing conditions.
“We believe that the combination of Pure World, Inc. with our group of companies will further enhance our collective efforts to become a leading player in the botanical extracts and natural ingredients markets,” said Jacques Dikansky, president and CEO of Naturex.
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By GlobalData“Combining Pure World, Inc. with Naturex SA will enhance the combined companies’ ability to pursue their strategic objectives and growth strategy” said Pure World chairman Paul Koether.
“I am delighted with the combination of Pure World and Naturex and look forward to working with Naturex to continue to build our business,” said Dr Qun Yi Zheng, currently president and chief operating officer of Pure World.
