LANSING, Mich., May 4 /PRNewswire-FirstCall/ -- Neogen Corporation (Nasdaq: NEOG) has acquired International Diagnostic Systems Corp (IDS), a leading developer, manufacturer and marketer of test kits to detect drug residues in food and animal feed, and drugs in forensic and animal samples.
Based in St. Joseph, Mich., IDS has been in business for more than 20 years, and offers approximately 40 products. In addition to significant sales in the United States, IDS has distribution in France, Italy, Spain, Germany, and China. A key recent focus of the company has been the food safety market for testing animal feed, meat products, and seafood. IDS recorded revenues of approximately $2 million in its most recently completed fiscal year. Terms of the acquisition were not disclosed.
A part of IDS's operations will be relocated to and integrated with Neogen's Lexington, Ky., facilities. The company's research and development operations, and key IDS employees, will remain in IDS's Michigan facilities.
"We are pleased to have several valuable employees, with many years of experience at IDS, join Neogen," said Lon Bohannon, Neogen's president. "International Diagnostic's products are complementary and a nice fit with our existing forensic and drug detection product lines. The IDS purchase also provides Neogen with key collaborative relationships with influential industry partners, and increased access to important international markets, including China."
"We've had a long-standing respect for Neogen as both a competitor and a leader in supplying solutions for food and animal safety," said Deborah Morris, IDS's president. "We are pleased to be joining Neogen and helping to expand its markets."
IDS has been providing rapid immunoassay products for use in agriculture and veterinary markets sinc
|SOURCE Neogen Corporation|
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