Evonik has acquired US-based Wilshire Technologies for an undisclosed amount, with the transaction to be completed by the end of January. Headquartered in Princeton New Jersey, Wilshire Technologies supplies phytochemicals and derivatives to the global cosmetic and pharmaceutical industries.
The new home for the cosmetics part of Wilshire’s product portfolio will be in Evonik’s Care Solutions business line. The pharmaceutical side will move to Evonik’s Health Care business.
Founded in 1997 by former Rutgers professor, Joe San Filippo, Wilshire Technologies has developed a strong technology which obtains products based on renewable and non-animal-origin sources.
As a result of the acquisition, the Care Solutions business will be able to expand its product range into phytochemicals, such as plant-derived cholesterol, as a replacement for animal originated ingredients in cosmetic active ingredients. Therefore, this move supports the ongoing transformation of Evonik’s cosmetics ingredients portfolio towards sustainability and natural-based ingredients.
Utilising more sustainable and renewable sources for cosmetic ingredients has become an extremely important point that many personal care companies in the market today are aiming for.
This acquisition, which comprises approximately 10 employees, marks a substantial addition to Evonik’s sustainable portfolio.
Evonik’s Health Care business line will also benefit from an enhanced portfolio for its naturally derived excipients and intermediates for pharma and food applications.
Dr Tammo Boinowitz, Head of the Care Solutions business line at Evonik: "This latest acquisition allows us to continue our efforts in fortifying the flexibility of our products and technology platforms, while providing our customers with the bio-based products their markets demand,” said Boinowitz.
"We are looking forward to expanding the presence of our products across these global industries," said Joe San Filippo, CEO and founder of Wilshire Technologies.