·Joint venture involving the manufacturing, marketing and sales of human nutrition premix products in Europe, Asia, South America and Africa
·Both companies will focus on core competencies to serve customers better
·Deal follows a North American strategic alliance formed in June 2001
Anaheim, CA, U.S.A. (June 17, 2002) - At today's IFT Food Expo, Fortitech, Inc. and BASF announced a joint venture for the manufacture, marketing and sales of human nutrition premix products. Under the agreement, BASF, a world leader in the production of nutritional ingredients, will transfer its premix customers in Europe, Asia, South America and Africa to the international companies of Fortitech, the world's leading provider of custom developed nutrient systems. Fortitech international companies, constituting the joint venture, will assume ownership of BASF's premix manufacturing facilities in Denmark and Malaysia. In addition, BASF will become the primary supplier of a broad range of nutritional ingredients to Fortitech. The joint venture builds upon the existing North American strategic alliance the companies formed in June 2001, creating a worldwide partnership. This will strengthen BASF's and Fortitech's respective position as leading suppliers of nutritional ingredients and nutrient systems.
As part of the joint venture, BASF will provide Fortitech with enhanced access to top grade nutritional ingredients to be used in nutrient systems for products ranging from baby formulas and nutrient bars to drinks and supplements. Fortitech customized premixes feature any of a variety of ingredients from a comprehensive range of vitamins, minerals, amino acids, nucleotides, nutraceuticals and other specialty ingredients. Fortitech will also have access to BASF's substantial nutritional research and development efforts.
"This new joint venture represents a significant commitment by Fortitech to expand its global presence, particularly in Europe and Asia," stated Walter Borisenok, President of Fortitech. "The strength of Fortitech as a manufacturer of nutrient systems combined with BASF's production excellence and broad portfolio of top quality nutritional ingredients will enhance Fortitech's ability to deliver the highest standard technology, product innovation, consistent product quality and excellent customer services."
Commenting on the new partnership, Dr. Andreas Ultsch, BASF's Director of Strategic Marketing Human Nutrition, said "This joint venture brings together the best of the two companies and is further evidence of BASF's and Fortitech´s commitment to providing excellent human nutrition products to current and prospective customers. The joint venture is an endorsement by Fortitech of BASF's outstanding competencies in helping make products more nutritious. Likewise, it is also an endorsement by BASF of Fortitech's strengths in custom premix formulation and customer service."
About Fortitech, Inc.
Fortitech, Inc. is the world leader in the development of custom nutrient systems for the food, beverage and pharmaceutical industries. Founded in 1986, it is the only international company exclusively dedicated to the development and manufacture of premixed nutrient systems. The company custom formulates ingredient blends from a comprehensive selection of vitamins, minerals, amino acids, nucleotides, nutraceuticals and other specialty ingredients. Fortitech premixes can be formulated to meet desired label specifications or to differentiate products by addressing specific health concerns. ISO 9001:2000 certified in the U.S. and South America, Fortitech manufactures each nutrient system with unsurpassed standards of quality, potency and consistency. Headquartered in Schenectady, N.Y., the company has a global manufacturing and distribution network consisting of international companies, including Fortitech Europe, Fortitech Asia Pacific, Fortitech South America and Fortitech Mexico. To learn more about Fortitech, visit www.fortitech.com.
BASF is the world's leading chemical company. It aims to increase and sustain its corporate value through growth and innovation. BASF offers its customers a range of high-performance products, including chemicals, plastics, coatings systems, dispersions, agricultural products, fine chemicals as well as crude oil and natural gas. BASF's distinctive approach to integration, known in German as "Verbund," is its strength. It enables the company to achieve cost leadership and gives it a decisive competitive advantage in the long term. BASF acts in accordance with the principles of Sustainable Development. In 2001, BASF had sales of €32.5 billion (circa $29 billion) and over 90,000 employees worldwide. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA), New York (BF), Paris (BA) and Zurich (BAS). Further information on BASF is available on the Internet at www.basf.com.
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