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Nagase Group, a Japanese-based chemical trading firm, has completed its acquisition of Prinova Group LLC. Prinova has also announced that it has expanded into the Asia-Pacific market with the establishment of a new subsidiary of Prinova Europe Ltd. in Australia, meant to serve customers in Australia and New Zealand.
Nagase Group, a Japanese-based chemical trading firm, has completed its acquisition of Prinova Group LLC, a leading manufacturer and distributor of nutritional ingredients.
“This acquisition marks a significant milestone in our continued effort to expand Nagase Group’s global footprint in a high value-added business,” said Kenji Asakura, president and CEO of Nagase Group, in a press release. “The addition of Prinova’s expertise, unique positioning, and portfolio offering enables us to expand our food and nutrition ingredients value chain in North America, Europe and Asia.”
Prinova’s current worldwide leadership team will remain in place within Nagase’s infrastructure.
Prinova has also announced that it has expanded into the Asia-Pacific market with the establishment of a new subsidiary of Prinova Europe Ltd. in Australia, meant to serve customers in Australia and New Zealand (ANZ). ANZ has seen significant growth in the food and beverage market, with supplements, dairy, and sports nutrition being the fastest-growing segments. The new operation will supply ANZ with bespoke nutritional premixes from its China facility.
“The decision to expand into ANZ was a logical step in our growth strategy. It will further strengthen our service capabilities in the fast-growing Asia-Pacific market, while also helping us meet the needs of ANZ specifically, which is very different from other Asian markets,” explained Nic Dam, group managing director for Prinova, in a press release. “Categories such as sports nutrition and dairy are increasingly important in Australia and New Zealand, so it was essential for us to hold local inventory and offer support and expertise to our growing ANZ customer base.”