Eurofins announces U.S. Antitrust clearance for the acquisition of Covance Food Solutions
Eurofins Scientific (EUFI.PA), a global leader in food testing, announces that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 or HSR Act, has expired with respect to its acquisition of Covance Food Solutions from LabCorp, which was announced on April 30th 2018.
Expiration of the waiting period under the HSR Act satisfies one of the conditions necessary for the consummation of the acquisition. The transaction remains subject to other customary closing conditions. The acquisition is expected to close in the third quarter of 2018.
Covance Food Solutions operates an integrated network of 12 facilities across the globe (9 in the U.S., 2 in the UK and 1 in Singapore) offering harmonized processes and methods to deliver a comprehensive suite of product safety, integrity and development services to its food industry customers. This acquisition enhances Eurofins position as a leader in the food testing industry in the U.S., which is the largest market in the world. More importantly it will bring Eurofins the scale and scientific depth in the U.S. that it enjoys in Europe, on the basis of which it can offer an unmatched level of service to its clients. The opportunities for such a transformative, high-quality acquisition occur very rarely in the food testing industry. It comes at an opportune point for Eurofins midway towards its 2020 objectives to build an unprecedented global, one of a kind testing platform with world class infrastructure, science and IT solutions.
Comment from Dr. Gilles Martin, Eurofins CEO: “We are extremely pleased to soon welcome Covance Food Solutions and its talented teams to the Eurofins Group. Covance Food Solutions is one of the pioneers in food testing in the U.S. and, like Eurofins, has continuously focused on innovation and offering the highest quality testing services in the industry. The reputation for scientific excellence of both Covance Food Solutions and Eurofins, and their complementary geographic footprints, client groups and service offerings will further benefit both companies’ customers.”
For more information, please visit www.eurofins.com or contact:
Phone: +32 2 766 1620
Notes for the editor:
Eurofins – a global leader in bio-analysis
Eurofins Scientific through its subsidiaries (hereinafter sometimes “Eurofins” or “the Group”) believes it is a scientific leader in food, environment and pharmaceutical products testing and in agroscience CRO services. It is also one of the independent market leaders in certain testing and laboratory services for genomics, discovery pharmacology, forensics, CDMO, advanced material sciences and for supporting clinical studies. In addition, Eurofins is one of the emerging players in specialty clinical diagnostic testing in Europe and the USA. With over 35,000 staff in more than 400 laboratories across 44 countries, Eurofins offers a portfolio of over 150,000 analytical methods for evaluating the safety, identity, composition, authenticity, origin and purity of biological substances and products, as well as for innovative clinical diagnostic. The Group objective is to provide its customers with high-quality services, accurate results on time and expert advice by its highly qualified staff.
Eurofins is committed to pursuing its dynamic growth strategy by expanding both its technology portfolio and its geographic reach. Through R&D and acquisitions, the Group draws on the latest developments in the field of biotechnology and analytical chemistry to offer its clients unique analytical solutions and the most comprehensive range of testing methods.
As one of the most innovative and quality oriented international players in its industry, Eurofins is ideally positioned to support its clients’ increasingly stringent quality and safety standards and the expanding demands of regulatory authorities around the world.
The shares of Eurofins Scientific are listed on the Euronext Paris Stock Exchange (ISIN FR0000038259, Reuters EUFI.PA, Bloomberg ERF FP).
This press release contains forward-looking statements and estimates that involve risks and uncertainties. The forward-looking statements and estimates contained herein represent the judgment of Eurofins Scientific’s management as of the date of this release. These forward-looking statements are not guarantees for future performance, and the forward-looking events discussed in this release may not occur. Eurofins Scientific disclaims any intent or obligation to update any of these forward-looking statements and estimates. All statements and estimates are made based on the information available to the Company’s management as of the date of publication, but no guarantee can be made as to their validity.
Published: 21 June 2018