Eurofins Scientific acquires Food Analytica Group, pushes into Hungary
Eurofins Scientific, the world-leading laboratory group that specializes in food testing services (amongst other laboratory analytic services) is pushing into the Hungarian market. Eurofins has long used an acquisition strategy to conquer new markets, picking up local leaders and vastly expanding their capabilities through Eurofins potent economies of scale and expertise. That’s an approach they’ve continued with this latest move, buying Food Analytica, a Hungarian market leader when it comes to food testing.
Eurofins’ share price has risen over 5% in the first three weeks of 2018
SOURCE: Yahoo Finance
Food Analytica is “one of the most modern microbiology laboratories in Central and Eastern Europe.” This means that it can add a comprehensive product offering to Eurofins’ existing range of food testing services in the region. The areas the company works in include microbiology, food and feed chemistry, grain studies, molecular biology, and sensory analysis. With 90 members of staff split between 4 labs in South-Eastern Hungary, the company has more than 400 clients on its books – some of whom it also provides environmental testing services for.
Eurofins’ CEO, Dr. Gilles Martin, said: “We are pleased to welcome Food Analytica, a leading player in food testing in Hungary, to Eurofins’ family of businesses. This acquisition, together with the acquisition of ERICo in Slovenia in 2017, will provide Eurofins with a strong presence in both food and environment testing markets to the benefit of its customers in Central and Eastern Europe.”
Dominion holds Eurofins Scientific in its Global Trends Managed Fund.
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