LycoRed tie-up targets Iberian fortification market
announcement of an agreement with BTSA, Spain to enable penetration
of Spain and Portugal's food and beverage fortification markets.
The agreement will see BTSA attempt to develop new market categories using LycoRed's vitamin and mineral premixes and microencapsulated ingredients.
Udi Alroy, LycoRed's vice president of global marketing and sales, cited BTSA's extensive infrastructure for technical support and a product line complimentary to LycoRed as key reasons for the agreement.
"They bring with them more than 14 years of industry experience and market insight.
Among their responsibilities, will be the development of new market categories and the introduction of innovative products to the Spanish market," he said of BTSA in a statement.
BTSA is said to be Spain's largest producer of natural antioxidants based on natural vitamin E, and also boasts water-dispersible omega-3 from fish oil, flaxseed oil and seaweed in its ingredient portfolio.
"With our background and reputation, BTSA believes it can substantially increase LycoRed's market share on the Iberian Peninsula, establishing a strong basis for other new lines of business in the region," said BTSA's CEO, Ana Ugidos.
And that market share target, Alroy told NutraIngredients.com, is 25 per cent.
The news of the BTSA deal follows distribution deals for LycoRed with Sochim and Eurochem Feinchemie drawn up this year, which takes the company to the next level in the Italian and German markets, respectively.
The Isreali company has also been strengthening its presence across the Atlantic and last year expanded with new North American headquarters in Fairfield, New Jersey to the new administrative, research and manufacturing facilities.
The company already strengthened its position in the European premix market with the 2003 purchase of premix firm Nutriblend, who brought with it a host of large premix clients.
The company also acquired Israeli microencapsulation specialist Biodar in 1998, and in 2005 paved the way for its US operations with the purchase of ingredients supplier Buckton Scott Nutrition.
