Mitsui to buy 70% stake in food ingredients manufacturer Nutrinova
Japanese conglomerate Mitsui & Co. is set to acquire a 70% stake in Nutrinova Netherlands B.V., a subsidiary of American chemical company Celanese Corporation that manufactures and sells functional food ingredients.
The share purchase, valued at approximately $472.5 million (around ¥66.0 billion), will see Nutrinova Netherlands becoming Mitsui’s equity method affiliate. The acquisition, subject to necessary approvals and conditions, is slated to be completed within the fiscal year ending March 2024.
Specializing in high-intensity sweeteners and preservatives, Nutrinova Netherlands produces acesulfame potassium – a sweetener 200 times more potent than sugar and ideal for low-calorie, low-carb foods – and sorbic acid and potassium sorbates, preservatives that extend food and beverage shelf life. Nutrinova Netherlands has garnered a reputation as a reliable supplier of high-quality products, catering to a diverse range of customers, including major global food and beverage manufacturers.
The move bolsters Mitsui’s relationship with Celanese, forged through joint methanol business operations in the United States. It allows Mitsui to enhance Nutrinova Netherlands’ corporate value further. By integrating Nutrinova Netherlands’ operations with its existing business, Mitsui plans to expand the added value of its food and nutrition business cluster.
Nutrinova Netherlands, established in 2022 as a holding company for the functional food ingredients business originally launched by Celanese in 1967, boasts a workforce of nearly 130 employees.
The acquisition aligns with Mitsui’s Medium-term Management Plan 2026, wherein Wellness Ecosystem Creation is identified as a key strategic initiative. Alongside healthcare and prevention efforts, Mitsui aims to improve quality of life by offering healthy foods and nutrition. The Nutrinova Netherlands share acquisition supports this aim, seeking to enhance health and wellbeing by providing healthier food and nutrition choices.
The fiscal implications of the acquisition have been factored into the consolidated forecasts for the fiscal year ending March 2024, as announced on May 2, 2023.