John Adent on business acquisition
From Neogen CEO on deal with 3M's food-safety unit and blockchain innovation · · CNBC Television
“That's exactly right, you know, that's a business that we've admired for a long time, that 3M business, and we think it's a great complementary fit for us. They've got tremendous IP, they've got employees that are passionate about food safety just like we are, and by bringing it into us we can allow and give them the resources they need to grow and the focus they need.”
On , John Adent, President, Chief Executive Officer & Director at NEOGEN CORP, spoke about business acquisition during Neogen CEO on deal with 3M's food-safety unit and blockchain innovation on CNBC Television.
About John Adent
John Adent, President and CEO of Neogen, discussed the company's acquisition of 3M's food safety business in a September 2022 interview on CNBC's "Mad Money." He stated that the business was one Neogen had "admired for a long time" and described it as "a great complementary fit." Adent said the deal "doubles the size of our business" and would allow Neogen to reach more customers while driving the industry forward through data analytics and blockchain solutions. He explained that blockchain technology enables traceability, giving an example of being able to tell a customer where an animal lived and what it ate from a sample of beef. In a December 2020 earnings call for the first quarter of fiscal year 2021, Adent reported increased revenues and net income despite the COVID-19 pandemic. He noted that Neogen made sanitizers and disinfectants available outside traditional markets to assist civic efforts against COVID-19. Adent also highlighted the launch of the Solaris next-generation test system, doubled revenues in China, and growth in rodenticide sales in the Pacific Northwest and metropolitan markets. He stated that Neogen was investing in R&D and pursuing acquisitions to stay competitive.