BIOVET TO ACQUIRE CERTAIN PARTS OF INTERVET'S FEED ADDITIVES BUSINESS
Peshtera, Bulgaria, June 7, 2005 – BIOVET, an animal health company headquartered in Peshtera, Bulgaria, has reached an agreement with Intervet, Akzo Nobel's animal healthcare business, to acquire some of its feed additives activities. Parties have agreed not to disclose financial details.
Scheduled to be finalized on July 31, the agreement — which is subject to various corporate and governmental approvals — concerns the acquisition by BIOVET of Intervet's Flavomycin ® , Gainpro ® , Sacox ® , Salocin ® , Hostazym ® and Stenorol ® products.
Commenting on the deal, the President of BIOVET Kiril Domuschiev said that his company's investment would open up exciting prospects for the future. “The distribution and registration rights, intellectual property, trademark and know-how of these sections of Intervet's feed additive business provide compelling opportunities for our customers and our business. Intervet's products will complement the BIOVET portfolio and we are excited about the opportunities deriving from this investment.”
“These activities no longer fit in with our core business operations and have become distanced from Intervet's portfolio from a strategic perspective,” explained Akzo Nobel Board Member Toon Wilderbeek.
Added Intervet President, Ruurd Stolp: “BIOVET is a leading European manufacturer and marketer of medicated and nutritional feed additives and we expect that within their business focus, our product line will be better positioned to get the necessary support to ensure a successful and profitable future.”
BIOVET expects that through this acquisition it will be able to offer customers an extended product portfolio, wider choice of health and nutrition management programs and superior service in even more countries around the world.