LANSING, Mich., June 12 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) announced today that it intends to double its research and development efforts for its new fiscal year, which began June 1, by hiring 23 additional R&D personnel by early fall.
"The organizational structure of our research and development groups has served us well throughout Neogen's 26-year history. However, as we now plan to double our revenues toward $200 million, the need to also double our R&D efforts became obvious," said James Herbert, Neogen's chairman and CEO. "With the rapid expansion of our revenue and worldwide presence has come a tremendous number of new opportunities for product development. Seizing those opportunities will require an expanded R&D structure and staff to develop these products in an expedient fashion."
The expansion in R&D activities will support both Neogen's food safety and animal safety progress. Most of the staff expansion will occur in Neogen's Lansing, Mich., laboratories, but will support the development of new products for the Lexington, Ky.-based Animal Safety Division, as well as support the research teams in Randolph, Wisc., and Ayr, Scotland.
"New product opportunities that fit Neogen's mission of food and animal safety have greatly expanded in the past year," said Herbert. "As the world has become smaller in terms of food imports and exports, and as regulations regarding food and animal safety are becoming more stringent throughout the world, there are a tremendous number of opportunities to enhance Neogen's growth."
Neogen Corporation develops and markets products dedicated to food and animal safety. The company's Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen's Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.
Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management's Discussion and Analysis of Financial Condition and Results of Operations in the Company's most recently filed Form 10-K.
|SOURCE Neogen Corporation|
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