John Adent on economic impact
From Neogen Corporation NEOG CEO John Adent on Q1 2021 Results · · Daily Earnings Calls
“The National Restaurant Association found one in six restaurants in the U.S. will either close for an extended period or closed permanently — that means more than a hundred thousand restaurants and an associated estimate that the domestic restaurant industry will lose $240 billion in sales by the end of 2020.”
On , John Adent, President, Chief Executive Officer & Director at NEOGEN CORP, spoke about economic impact during Neogen Corporation NEOG CEO John Adent on Q1 2021 Results on Daily Earnings Calls.
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.