Irish food company Glanbia has announced the acquisition of German-based nutrient delivery systems company, Kortus Food Ingredients Services.
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Glanbia has acquired the assets and goodwill of Kortus for a consideration of €14.5m (US$19.3m), comprised of €10.5m cash and with a further deferred payment of €4m, of which €2m will be payable subject to the achievement of a predetermined performance target.
Kortus is a privately owned company based in Orsingen-Nenzingen, Southern Germany that specialises in the production, research and development of customised nutrients systems for customers in the infant formula, clinical nutrition and dietetics markets.
Glanbia said the acquisition is in line with its nutritional strategy of extending its solution capability and product range, and of strengthening access to key sectors of infant and clinical nutrition.
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