Click here for more information about Algenuity
Click here for more information about Liqofluxphenometrics515R1
Visit cricatalyst.com!Evodos Separation Technology Check out more of The Buzz spacer

Corbion approved as highest bidder for TerraVia

September 17, 2017
AlgaeIndustryMagazine.com

Following an auction process, TerraVia Holdings and its affiliated debtors have determined that Corbion had submitted the best bid for substantially all of the assets of TerraVia, a food and specialty ingredients company centered on ingredients derived from microalgae. On September 15, 2017, the United States Bankruptcy Court for the District of Delaware approved Corbion the successful bidder and authorized TerraVia, formerly Solazyme, to consummate the sale to Corbion.

Corbion’s offer in the auction is approximately US$20 million in cash. Completion is subject to customary closing conditions and regulatory approvals and full performance by the parties of all obligations under the agreement, and is expected to occur within 2-3 weeks.

TerraVia filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code on August 2, 2017. On that same day, Corbion announced it had entered into a “stalking horse” stock and asset purchase agreement with TerraVia, that constituted the primary bid in a sale process to be conducted under Section 363 of the U.S. Bankruptcy Code, which included an auction process.

Corbion is a global food ingredient supplier for leading food manufacturers in the markets of meat, beverage, bakery, confectionery, and dairy. They operate two lines of business: Biobased Ingredients and Biobased Innovations. The Biobased Ingredients business unit focuses on ingredients for food and biochemicals.

The company’s biobased chemicals offer improved functional performance, production efficiency, and safety. They are manufactured from renewable resources, and use advanced and resource-efficient fermentation processes that provide a sustainable alternative to fossil-based chemicals for customers operating across a wide spectrum of industries, including medical biomaterials, plastics, pharma, electronics, home and personal care, agriculture, coatings, adhesives, solvents, and animal health.

In 2016, Corbion generated annual sales of € 911.3 million and had a workforce of 1684. Corbion is listed on Euronext Amsterdam.

More Buzz…

Copyright ©2010-2018 AlgaeIndustryMagazine.com. All rights reserved. Permission required to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

twittertopbarlinks_eventstopbarlinks_requesttopbarlinks_archives

From The A.I.M. Archives

— Refresh Page for More Choices
Carl Zimmer writes in The New York Times about a team of Australian scientists studying how climate change will alter ecosystems – by using miniature ecosystems, called m...
ExxonMobil and Synthetic Genomics Inc. have announced that, in joint research into advanced biofuels, they have modified an algal strain to more than double its oil conte...
Will Yeates reports in DailyPlanet.com that an urban “algae farm” producing low-carbon protein and bio-fuel is one of the highlights on show this week at the future energ...
Memory Maninga reports for Zambia Daily Mail that in Mansa, the capital of the Luapula Province of Zambia, spirulina is being grown in ponds in the communities because of...
A Bay Area company has patented a group of three single-celled, algae-like organisms that, when grown together, can produce high quantities of sugar just right for making...
Malaysia-based Algaetech International, a pioneer algae technology company specializing in R&D, as well as production and commercialization of algae-derived high valu...
Cyanotech Corporation a leader in microalgae-based, high-value nutrition and health products, announced financial results for the third quarter and first nine months of f...
The Algae Biomass Organization (ABO) reports the introduction of the Algae Agriculture Act of 2018 (H.R. 5373), a bill that would give algae cultivators and harvesters ma...
Israeli-based Algatechnologies, Ltd. (Algatech), is teaming up with the Italian R&D company, Sphera Encapsulation S.r.l (Sphera), to develop innovative functional ingredi...
Foodbev.com reports that French marine ingredients company Algaia will install a new specialty seaweed extract unit at its facility in Brittany, France, after securing €4...
Milenio.com reports that BiomiTech, a Mexican company, won a prestigious innovation award for its air purification system at the Contamination Expo Series 2018 held in Bi...
Julianna Photopoulos writes in Horizon EU Research and Innovation magazine that UK start-up Skipping Rocks Lab aims to use natural materials extracted from plants and sea...