Eurofins to acquire Covance Food Solutions

7 May 2018

Global life sciences company LabCorp has announced that it has entered into a definitive agreement under which Eurofins Scientific will acquire the Covance Food Solutions business from LabCorp for $670 million.

Eurofins to acquire Covance Food Solutions

Global life sciences company LabCorp has announced that it has entered into a definitive agreement under which Eurofins Scientific will acquire the Covance Food Solutions business from LabCorp for an all-cash purchase price of $670 million. Covance Food Solutions is a global provider of product design and product integrity services for end-user segments that span the global food supply chain, with an integrated network of facilities across the United States, United Kingdom and Singapore. For the twelve months ending December 31, 2017, Covance Food Solutions recorded pro-forma revenue of approximately $150 million.

Since LabCorp’s acquisition of Covance in 2015, Covance Food Solutions has increased its technical capabilities, broadened its geographic scope, and enriched its suite of customer-focused solutions for the global food, beverage, dietary supplement and agricultural industries. Covance Food Solutions is said to be very complementary to Eurofins’ existing geographic presence and portfolio of services.

“Covance Food Solutions is a great business and has benefitted substantially from its ownership by Covance and then LabCorp,” said David P. King, chairman and chief executive officer of LabCorp. “Over the three years LabCorp has owned Covance, it has become clear that the greatest opportunities for us to create lasting value come from the core lab business, the Contract Research Organization, and the enterprise-wide combination that is beyond lab and beyond CRO. The sale of Covance Food Solutions to Eurofins allows us to focus on our core mission of improving health and improving lives, and at the same time better positions Covance Food Solutions to serve the global food supply industry.”

“Covance Food Solutions has a strong track record of success offering tailored testing and product design solutions for the food industry and enjoys outstanding credibility with its customers. This, combined with complementary service offerings and geographic footprint, made it an ideal fit with Eurofins’ existing offerings and supports our mission to deliver the most innovative and highest quality food testing and development services in the world,” said Eurofins’ chief executive officer, Gilles Martin.

Find out more about Eurofins

Related categories

Related tags

Events & Exhibitions

Related news

Scouting out the latest health trends and innovations at Vitafoods Europe

Scouting out the latest health trends and innovations at Vitafoods Europe

20 May 2022

From mood, cognition, and gut health to the importance of selling experiences rather than products, the Healthy Marketing Team (HMT) rounds up the biggest trends it spotted at Vitafoods Europe last week.

Read more 
Top trends to watch at Expo West

Top trends to watch at Expo West

18 Feb 2022

From the foodification of supplements to mission-driven commerce, trendspotters at Natural Products Expo West have identified the top 10 trends shaping the US healthy food industry.

Read more 
New Product Zone showcased the most innovative products at Fi Europe

New Product Zone showcased the most innovative products at Fi Europe

15 Dec 2021

Attendees of Fi Europe 2021 were able to discover an extensive selection of the most innovative products, showcased alongside insightful information at the New Product Zone.

Read more 
Startup Innovation Challenge 2021: Recognising disruptive ideas in F&B innovation

Startup Innovation Challenge 2021: Recognising disruptive ideas in F&B innovation

6 Dec 2021

The Fi Global Startup Innovation Challenge aims to support innovative projects within the F&B industry by offering startups the opportunity to showcase their innovations and meet the industry's foremost ingredients professionals.

Read more 
Fi Europe Innovation Awards: Recognising innovative ingredient solutions at Fi Europe 2021

Fi Europe Innovation Awards: Recognising innovative ingredient solutions at Fi Europe 2021

6 Dec 2021

The Fi Europe Innovation Awards recognise ground-breaking work in food and beverage ingredients at the annual Fi Europe, co-located with Hi Europe, event. This year has featured some outstanding ingredients and concepts in the fields of health, sustain...

Read more 
Fi Europe opens its doors to in-person attendees today!

Fi Europe opens its doors to in-person attendees today!

30 Nov 2021

After a week-long online program Fi Europe opens for in-person attendees under 2G measures in Frankfurt today – if you’re not able to attend in-person, you can follow the program from the show floor live on the online platform.

Read more 
Obama celebrated 60 with top vegan brands

Obama celebrated 60 with top vegan brands

9 Aug 2021

Plant-based foods have become so widely accepted that former President Barack Obama’s 60th birthday celebration featured a vegan, plant-based menu, according to a menu leaked by Bloomberg.

Read more 
Plant-based nugget prices cheaper than real chicken

Plant-based nugget prices cheaper than real chicken

3 Aug 2021

Chickenflation is a real thing, and plant-based protein maker Alpha Foods is taking advantage of skyrocketing chicken prices to grab the attention of non-meat eaters and meat eaters alike.

Read more 
Future of Nutrition Award debuts at the Fi Europe Innovation Awards

Future of Nutrition Award debuts at the Fi Europe Innovation Awards

16 Jul 2021

The Fi Europe Innovation Awards, held at Fi Europe 2021 co-located with Hi Europe, celebrate people, companies and organisations breaking new ground in the Food & Beverage industry.

Read more 
Flavor company Givaudan crowdsources flavors with its Aroma Kiosk

Flavor company Givaudan crowdsources flavors with its Aroma Kiosk

12 Apr 2021

Swiss flavor giant Givaudan has rolled out its Aroma Kiosk, a digital sensory tool that crowdsources flavor preferences. These kiosks are located globally in grocery and retail stores as well as universities where shoppers can interact with the technol...

Read more