Eurofins completes $670 million acquisition of Covance Food Solutions
BPC Staff Aug 1, 2018 | 7:43 pm
1 min read time
165 wordsAll Latest News, Economic Development, Innovation and Entrepreneurship, Statewide NewsEurofins announced it has acquired Madison, Wis.-based Covance Food Solutions, which will operate as Eurofins Food Integrity and Innovation. Eurofins, an international life sciences company with more than 30,000 employees globally, has operated its U.S. headquarters in Des Moines since 2006. “Our goal is to build an unprecedented global, one-of-a-kind testing platform with world-class infrastructure, science and IT solutions,” Eurofins CEO and founder Gilles Martin said in a letter to customers. “This partnership is about opportunities to grow and mutually support one another, so that we can use our collective knowledge of best practices to improve the value and achievement of both businesses.” Martin said Eurofins plans to make “significant investments” in the acquired company, which in 2017 had revenues of about $150 million. Eurofins reached a definitive agreement in April to acquire Covance Food Solutions from LabCorp for an all-cash purchase price of $670 million, according to a LabCorp release. To read an innovationIOWA article about Eurofins’ Des Moines operations, click here.