LabCorp identifies food safety as ‘exciting growth opportunity’
The deal includes SFIH’s two operating companies, International Food Network (IFN) and The National Food Laboratory (The NFL).
LabCorp now offers an expanded range services to the food, beverage and nutrition industries through Covance’s Nutritional Chemistry and Food Safety business.
David P. King, chairman and CEO of LabCorp, said it identified nutritional chemistry and food safety as an exciting growth opportunity after the acquisition.
“International Food Network and The National Food Laboratory represent our first major expansion in this important area, and we are delighted that these high-quality companies and their outstanding teams are joining our company," he said.
“With this acquisition, we extend our capabilities to offer a full range of product-development and product-integrity services to food and beverage manufacturers and retailers, industry organizations, and academic institutions.”
LabCorp acquired Covance with the deal closing earlier this year for an equity value of $6.2bn and an enterprise value of $5.7bn.
Johannes Burlin, president of SFIH, said it was the right time to become part of a larger organization.
“We are excited to join Covance, and we look forward to the opportunities our combination will create for customers as we expand our global business.”
Jon Meltzer, LabCorp’s SVP for corporate strategy, said it is looking forward to combining capabilities of IFN and The NFL with Covance’s nutritional analysis, contaminant and microbiology testing services.
“Supported by our enterprise expertise in logistics, molecular testing, data, analytics and contract research, we will continue to expand our capabilities to provide a truly differentiated offering to this vital industry.”
