Wilshire provides natural products and synthetic materials for the production of active ingredients in cosmetics
The acquisition will enhance the sustainability of Winco's nursing chemicals business and provide a key driving force for the transformation of its product portfolio
The product portfolio will be strengthened, and Winchuang's nursing chemicals and pharmaceutical health businesses will directly benefit
(February 12, 2020)Evonik Industrial GroupThe agreement to acquire Wilshire Technologies has been reached. Wilshire Technologies, headquartered in Princeton, New Jersey, provides plant-based chemicals and their derivatives to the global cosmetics and pharmaceutical industries. After the acquisition is completed, the cosmetics business in Wilshere's product portfolio will be merged into Evonik's care chemicals business.
The transaction price of this acquisition will not be disclosed. Utilizing more sustainable and renewable sources to obtain cosmetic ingredients has become an important indicator for many personal care companies in the current market. And Wilshire Technologies has developed a powerful technology that can obtain raw materials based on renewable and non animal sources. This acquisition not only expands the sustainable cosmetic active ingredient product portfolio of Evonik, but also extends the related product range to plant-based chemicals that can replace animal derived ingredients in cosmetic active ingredients, such as plant-based cholesterol, thereby promoting the further transformation of Evonik's cosmetic raw material business towards sustainability and natural sources.
In addition, the portfolio of natural source excipients and intermediates for pharmaceuticals and food under the Evonik Pharmaceutical Health Business Line will also be strengthened. By acquiring Wilshire Technologies and its innovative products in the cosmetics, pharmaceutical, and food ingredient markets, Evonik's "Health and Care" growth engine will continue to strengthen to meet the growing global demand for bio based and sustainable products.
As Wilshire's unique products gradually replace animal derived ingredients and intermediates, our portfolio of sustainable active ingredient products has become more diversified, "said Dr. Tammo Boinowitz, Global Head of the Care Chemicals business line at Evonik
We are very much looking forward to expanding the exposure of our products in the global industry, "said Joe San Filippo, CEO and founder of Wilshire Technologies. He believes in Wilshere's expertise and innovative product teamHehe Technology will enhance Evonik's competitiveness in the field of plant chemicals and intermediates, thereby occupying a favorable position in the constantly developing cosmetics and pharmaceutical health industries.
Wilshire Technologies, founded in 1997, was founded by former Rutgers University professor Joe San Filippo, who has over 35 years of product development experience in the field. The company's extensive product portfolio offers cosmetics and pharmaceutical active ingredients based on natural sources and renewable resources.
