NEW YORK--(BUSINESS WIRE
)--IFF (NYSE: IFF) today announced that it has entered into an agreement to acquire Health Wright Products, LLC (HWP), a leader in formulation and capsule manufacturing for the dietary supplement industry.
Founded in 1995, HWP is located in Clackamas, Oregon, USA, and is a privately-owned and long-time business partner of IFF’s Health & Biosciences probiotics business. HWP is a global leader in the consumer Health and Nutrition industries, providing the highest-quality nutritional supplements. Using state-of-the-art processes and equipment, HWP manufactures custom formulations, and delivers encapsulation and packaging to meet the industries’ more exacting requirements for probiotic products. With over 165,000 ft2 (15,328 m2) of manufacturing space, the company generated approximately $100 million in annual revenue in 2021 and employed over 225 people who will continue with the company after the sale.
The acquisition will bring formulation and finished format capabilities to IFF’s Health & Biosciences probiotics, natural extracts and botanicals businesses, allowing for innovation in custom formulation and combination products through joint capabilities.
“Today’s announcement is driven by our commitment to enhance long-term value to our partners and customers. Producing thousands of unique and complex formulations for the industry’s most trusted brands, Health Wright Products formulation and finished format abilities will allow us to develop new and customized solutions and formats for a broad base of customers,” said Simon Herriott, President, IFF’s Health & Biosciences division.
“We look forward to joining IFF’s Health & Biosciences division. Health Wright Products best-in-class quality manufacturing and formulation capabilities, combined with the strong biotech innovation pipeline of IFF’s Health & Biosciences, is an exciting proposition for our customers and employees,” said Mark Wright, President, Health Wright Products.
The sale is expected to close in the first quarter of 2022, subject to customary closing conditions, and regulatory clearances. Financial terms of the deal have not been disclosed.Cautionary Statement under the Private Securities Litigation Reform Act of 1995
This press release contains “forward-looking statement” within the meaning of the federal securities laws, including Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “target,” similar expressions, and variations or negatives of these words. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about the proposed transaction and the expected timetable for completing the proposed transaction. The forward-looking statements included in this release are made only as of the date hereof, and we undertake no obligation to update the forward-looking statement to reflect subsequent events or circumstances.About Health Wright Products, LLC.
At Health Wright Products, a contract manufacture of dietary supplements, Quality, Service and Value have been the driving principles in our commitment to exceeding customers’ expectations. We partner with brands committed to the same driving principles for themselves and their customers. As a global industry leader, we leverage innovation, technology, experience and capacity to offer better solutions to current and emerging products. Providing better health by Encapsulating Excellence. Learn more at iff.com
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