India-based sugar manufacturer EID Parry a subsidiary of conglomerate Murugappa Group, has acquired Chile-based nutraceuticle producer Alimtec from Germany-based chemical and pharmaceutical company Bayer for an unknown amount, Live Mint has reported.
The acquisition provides EID Parry with a reliable source of the organically occurring astaxanthin, a chemical found in fish and shellfish, for Valensa International, its US-based vitamin and supplement subsidiary.
A spokesman for EID Parry told Live Mint: “This acquisition will culminate in value creation for the nutraceuticals business. The entire production of Alimtec will be used by Valensa for its astaxanthin products catering to US and Europe markets.”