On January 6th, 2020, Evonik Industries concluded an agreement to purchase Wilshire Technologies, Inc. headquartered in Princeton, NJ (US). The transaction is due to be completed in January.
Wilshire Technologies supplies phytochemicals and derivatives to the cosmetic and pharmaceutical industries. From their broad product portfolio, the company provides many naturally sourced cosmetic actives, making these products very attractive to the continually evolving, sustainables cosmetic industry. Wilshire was founded in 1997 by Dr Joe San Filippo, who has over 35 years of product development experience. The acquisition of Wilshire Technologies and its extensive portfolio will expand the materials offered by Evonik Care Solutions (specifically its Active Cosmetic Ingredients product line) into its growing phytochemical-based product line, including items such as plant-derived cholesterol. Additionally, the Evonik Healthcare business line will now have access to various naturally derived pharmaceutical additives and intermediates. The purchase price has not been disclosed.
"With their unique products and competencies in the field of animal-origin free ingredients and intermediates, we are moving one-step closer to fulfilling the requirements of our most valuable customers," said Dr Tammo Boinowitz, head of the Care Solutions Business Line at Evonik. The acquisition of Wilshire Technologies not only strengthens the Active Ingredients portfolio, but also increases the global manufacturing network for Evonik. "This fact allows us to continue with our efforts in fortifying the supply security of our products and technology platforms,” said Boinowitz.
Over the past 23 years, Wilshire Technologies, Inc. has developed a strong global network of specialised manufacturing partners to produce materials derived from phytochemical sources in support of multiple industries. The company has worked extensively with these partners to produce novel, environmentally sustainable, economical production processes that avoid using non-renewable and animal-origin sources, thereby improving the natural base calculation of many ingredients. This is extremely important to many Personal Care companies in the market today. "We look forward to expanding the presence of our products in the industry," said San Filippo, CEO and founder of Wilshire Technologies, Inc. He believes that Wilshire’s expertise, innovative portfolio and evolving technologies will provide outstanding opportunities for intensifying Evonik’s competencies in the fields of phytochemical ingredients and intermediates for the cosmetic and health care industry.
