Healthtech firm Integumen to buy Cellulac
Irish health technology company Integumen has struck a major deal to acquire biodegradable packaging developer Cellulac.
East Anglia-based Cellulac develops, acquires and integrates technologies to produce biodegradable plastic components for consumer packaging, natural oils and nutritional food ingredients for use in the cosmetics, nutritional food and health care sectors.
The proposed acquisition will allow Integumen to enter the bio-materials and nutritional food sector complementing its existing personal care businesses.
The enlarged group will focus on biodegradable plastics, cosmetics and food supplements.
The all-share deal is subset to the approval of both company's shareholders. Integumen is also proposing to raise £7.5m through an equity placing or debt funding.
If the deal goes ahead, Cellulac's chief executive Gerard Brandon and chief operations officer Camillus Glover will join Integumen's in the same positions.
Chris Bell, who is currently chief financial officer, will remain as an executive director.