Innophos buys mineral ingredient manufacturer
CRANBURY, N.J. — Innophos Holdings, Inc. has completed its acquisition of AMT Labs, Inc., a privately held company based in North Salt Lake, Utah, that manufactures ingredients for the food, beverage, confectionery and nutraceutical industries. AMT Labs specializes in mineral ingredients essential to the human diet that are manufactured in various forms, including as chelates, to be easily digested (bioactive).
Innophos, Inc., a subsidiary of Innophos Holdings, purchased for cash 100% of the equity of AMT Labs and an affiliated real estate company holding all AMT real property, including unused land and buildings that may support future expansion. The combined purchase price of $27 million included $19.5 million allocated to the AMT purchase and $7.5 million allocated to the real estate property.
The AMT acquisition is complementary to the Innophos acquisition of Kelatron last year, according to Cranbury-based Innophos, a producer of specialty ingredients. The combined businesses of Kelatron, which manufactures bioactive mineral nutrients used in nutritional and dietary supplements, and AMT expands the Innophos presence in U.S. bioactive mineral ingredients, with annual revenues of about $30 million.
“The acquisition of AMT represents the second step in our adjacent strategy to expand in product categories closely related to our existing specialty phosphate product line,” said Randy Gress, chairman and chief executive officer of Innophos. “AMT’s strengths are highly complementary to our new bioactive mineral ingredients business platform, providing high quality manufacturing facilities better able to support the future growth expected in this product range.
“AMT has also been developing new market potential for its products, which we expect will bring commercial successes in addition to the expected portfolio synergies of the combined business of AMT and Kelatron, which itself has performed strongly since its acquisition by Innophos last year.”