TAGS: Natural/ Organic
Evonik has concluded a purchase agreement to acquire Wilshire Technologies Inc., with the transaction to be completed by the end of January. Headquartered in Princeton NJ (USA), Wilshire Technologies supplies bespoke natural products and synthesized materials to produce cosmetic active ingredients. The new home for the cosmetics part of Wilshire’s product portfolio will be in Evonik’s Care Solutions business line.
To Obtain Sustainable Cosmetic Ingredients
Wilshire Technologies has developed a strong technology which obtains products based on renewable and non-animal-origin sources. Utilizing more sustainable and renewable sources for cosmetic ingredients has become an extremely important criteria that many personal care companies in the market today are aiming for.
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We are looking forward to expanding the presence of our products across these global industries," said Joe San Filippo, CEO and founder of Wilshire Technologies Inc.
To Expand Phytochemicals Product Range
This acquisition, which comprises approximately 10 employees, and marks a substantial addition to Evonik’s sustainable cosmetic active ingredients portfolio. Evonik’s Care Solutions business will be able to expand its product range into phytochemicals, such as plant derived cholesterol, as a replacement for animal originated ingredients in cosmetic active ingredients.
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This latest acquisition allows us to continue our efforts in fortifying the flexibility of our products and technology platforms, while providing our customers with the bio-based products their markets demand,” commented Dr. Tammo Boinowitz, head of the Care Solutions business line at Evonik.
This move supports the ongoing transformation of Evonik’s cosmetics ingredients portfolio towards sustainability and natural-based ingredients.
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He believes that Wilshire’s expertise, innovative portfolio and technologies will provide outstanding opportunities for intensifying Evonik’s competences in the fields of phytochemical ingredients and intermediates for the continuously developing cosmetic and health care industries,” added Filippo.
The purchase price of the acquisition agreement will not be disclosed.
Source: Evonik