LabCorp Enters into Definitive Agreement to Sell Covance Food Solutions to Eurofins for $670 Million
Transaction reflects LabCorp’s mission to improve health and improve lives, and Eurofins’ commitment to be a scientific leader in laboratory services for the food supply industry
Since LabCorp’s acquisition of Covance in 2015, Covance Food Solutions has increased its technical capabilities, broadened its geographic scope, and enriched its suite of customer-focused solutions for the global food, beverage, dietary supplement and agricultural industries. Covance Food Solutions is very complementary to Eurofins’ existing geographic presence and portfolio of services.
“Covance Food Solutions is a great business and has benefitted substantially from its ownership by Covance and then LabCorp,” said
“Covance Food Solutions has a strong track record of success offering tailored testing and product design solutions for the food industry and enjoys outstanding credibility with its customers. This, combined with complementary service offerings and geographic footprint, made it an ideal fit with Eurofins’ existing offerings and supports our mission to deliver the most innovative and highest quality food testing and development services in the world,” said Eurofins’ chief executive officer,
The transaction is expected to close in the third quarter of 2018, subject to customary closing conditions and regulatory approvals, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. Further terms of the transaction were not disclosed.
About LabCorp
LabCorp (NYSE: LH), an
This press release contains forward-looking statements about the Company’s future operations. Each of the forward-looking statements is subject to change based on various important factors, including without limitation, competitive actions in the marketplace, and adverse actions of governmental and other third-party payers. Actual results could differ materially from those suggested by these forward-looking statements. The Company has no obligation to provide any updates to these forward-looking statements even if its expectations change. Further information on potential factors that could affect operating and financial results is included in the Company’s Form 10-K for the year ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20180429005111/en/
Source:
LabCorp
Media:
Donald Von Hagen, 336-436-8263
[email protected]
or
Investors:
Scott Frommer, 336-436-5076
[email protected]