Neogen Acquires Distributor in Thailand

Rhea-AI Summary

Neogen Corporation (NASDAQ: NEOG) has acquired Thai-Neo Biotech Co., Ltd., a distributor of Neogen's food safety products based in Bangkok, Thailand. Established in 1992, Thai-Neo has over 20 years of experience in the food safety sector, particularly with mycotoxin assays and diagnostic test kits. This acquisition enhances Neogen's direct presence in Thailand and Southeast Asia, aligning with its growth strategy in the Asia/Pacific food safety market. The terms of the acquisition were not disclosed.

Positive

• Acquisition strengthens Neogen's presence in Thailand and Southeast Asia.
• Enhances access to the growing Asia/Pacific food safety market.
• Expands opportunities in aquaculture, genomics, and animal safety sectors.

Negative

• None.

Acquisition expands the company's growth opportunities in Southeast Asia

LANSING, Mich., July 6, 2022 /PRNewswire/ -- Neogen Corporation (NASDAQ: NEOG) announced today that it has acquired Thai-Neo Biotech Co., Ltd., a longstanding distributor of Neogen's food safety products located in Bangkok, Thailand.

Thai-Neo Biotech was established in 1992 and has served as a distributor of Neogen food safety products, especially mycotoxin assays and other rapid diagnostic test kits, in Thailand for more than 20 years.

"We are pleased to officially welcome Thai-Neo Biotech to Neogen, which establishes a direct Neogen presence in Thailand and Southeast Asia," said Dr. Jason Lilly, Neogen's Vice President of International Business. "This acquisition complements our operations in India, China, and Australia, deepens our access to the fast-growing Asia/Pacific food safety market, and reflects our commitment to Southeast Asia. We see this as a tremendous opportunity to grow our aquaculture, genomics, and animal safety businesses, while also offering our food safety solutions to new customers in the area."

Terms of the agreement were not disclosed.

About Neogen
Neogen Corporation develops and markets comprehensive solutions dedicated to food and animal safety, operating with the intention to "Every day, protect the people and animals we care about." The company's Food Safety segment markets dehydrated culture media and diagnostic test kits to detect foodborne bacteria, natural toxins, food allergens, drug residues, plant diseases, and sanitation concerns. Neogen's Animal Safety segment is a leader in the development of genomic solutions along with the manufacturing and distribution of a variety of animal healthcare products, including diagnostics, pharmaceuticals, veterinary instruments, wound care, and disinfectants, as well as rodent and insect control solutions.

CONTACT:	Steve Quinlan, Chief Financial Officer
	517.372.9200, squinlan@neogen.com

View original content:https://www.prnewswire.com/news-releases/neogen-acquires-distributor-in-thailand-301581420.html

SOURCE NEOGEN Corporation

FAQ

What is the purpose of Neogen's acquisition of Thai-Neo Biotech?

The acquisition aims to strengthen Neogen's direct presence in Thailand and Southeast Asia, enhancing growth opportunities in the food safety market.

How does the acquisition of Thai-Neo Biotech impact Neogen's business?

It provides Neogen with direct access to new customers and bolsters its operations in aquaculture, genomics, and animal safety.

When was the acquisition of Thai-Neo Biotech announced?

The acquisition was announced on July 6, 2022.

What products does Thai-Neo Biotech distribute for Neogen?

Thai-Neo Biotech specializes in distributing mycotoxin assays and rapid diagnostic test kits.

What are the terms of the deal between Neogen and Thai-Neo Biotech?

The financial terms of the acquisition were not disclosed.