Maker of algae-based feed ingredient held back in 2019 by acquisition

[Netherlands] Corbion, an Amserdam, Netherlands-based food and biochemicals company, saw net sales of €897.2 million ($1 billion) in 2018, an overall growth of 0.6% over the previous year, though earnings before interest taxes depreciation and amortization sunk 19.8% to €131.6m, the company reports.

It says the change is mostly due to the 2017 acquisition of the assets of TerraVia, which had entered bankruptcy protection. Corbion’s organic sales growth, minus the acquisition, was 3.7%.

Corbion recently celebrated, along with BioMar, its algae-based aquafeed ingredient AlgaPrime DHA working it into more than 350,000 metric tons of finished feed distributed to Norwegian salmon farms over the past two years.

“I am encouraged to see Corbion growing at a significantly higher pace than in previous years while we are starting to deliver on long-term innovations, such as bioplastics,” said Tjerk de Ruiter, Corbion’s CEO, in a press release.

He noted “satisfactory” growth in all segments, but significant growth in sales to the Total Corbion PLA joint venture, “which commissioned its plant on time and within budget – a significant achievement of which were all very proud”.

De Ruiter added: “We were not immune to the inflationary pressures in the second half of the year and have started to take pricing actions to address this”.

 

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