Devenish Nutrition Group has confirmed that it has completed the sale of its North America division, Devenish LLC, to a South Korean-based agricultural and biotechnology group.
The Belfast-based animal nutrition specialist business has sold its North American business, and related assets, to Easy Bio Corporation.
Devenish LLC comprises five manufacturing facilities in the US and Mexico, and a further six research facilities, which the business co-operates with a number of customers in both USA and Mexico.
Under a licencing agreement, The North American business will have exclusive use of the Devenish brand in the US, Canada and Mexico.
The Devenish Group’s other activities in Europe and internationally are unaffected by this transaction, and will continue to be serviced by the Belfast-based business and the Devenish international sales team, the group said.
The group said it intends to apply the proceeds of the sale to redeem debt and to invest in its core activities in northwest Europe and other international markets.
Commenting on the sale, Tony McEntee, chief executive of Devenish Nutrition Group, said: “The board of Devenish is pleased to announce its agreement to sell our North American business to Easy Bio.
“Following this disposal, the group will have a sharper business focus and will capitalise on the sustainable growth potential presented by our operations and activities in our core markets of Ireland, the UK along with our significant other International markets.
McEntee added: “As a business we have worked closely with Easy Bio for many years and look forward to continuing to collaborate in the years ahead.”
Stevenson Hwang, chief executive of Easy Bio Corporation said that the acquisition of Devenish’s North American division is part of Easy Bio’s strategic growth plans for the US, Canadian and Mexican markets.
“Devenish’s scientific and research-based approach to developing solutions, combined with excellent customer service is aligned with our business model and we look forward to continuing the strong growth achieved by the team in the coming years,” he said.
Sale of Devenish lands at Dowth
The sale of its North American business is another notable sale of assets for Devenish, following the sale of its lands at Dowth in Co. Meath last year.
The state, through the National Parks and Wildlife Service (NPWS), agreed to purchase the land in September.
The asking price for the land was €10 million.
The farm, which was advertised by Sherry Fitzgerald as one of the oldest farms in the world, is approximately 552ac and bounded by the River Boyne.