Neogen Corp. (NEOG: Quote) announced Thursday that it has acquired the stock of Chem-Tech Ltd., a manufacturer of insecticides for the animal and food industries. The purchase price includes contingent payment consideration. No additional financial details were disclosed.
Chem-Tech's revenues for the most recent 12 months exceeded $14 million.
The 35-year-old company, which is wholly owned by Pat and Kelle Rolfes, operates an extensive manufacturing and distribution facility in Pleasantville, Iowa.
Chem-Tech's highly effective insecticides utilize environmentally friendly technical formulas, and several are approved for use in food establishments. The company's Prozap insecticide brand is well known in the large animal production industry, and is particularly popular with dairy and equine producers. For a number of years, Neogen has shared the Prozap trademark with Chem-Tech, with Neogen using the brand for certain rodenticides, Neogen said.
The majority of Chem-Tech's customers and distributors are already Neogen customers, and most of them have long-term relationships with both companies, Neogen noted.
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by RTT Staff Writer
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