Sources: Bob Krause, 785-532-5942; David Yang, 785-323-1020
Thursday, Jan. 31, 2008
NUTRIJOY AND COCA COLA SIGN PURCHASE AGREEMENT
Manhattan, Kan. -- The Coca-Cola Company has signed a definitive purchase agreement to acquire a majority ownership of NutriJoy Inc.
The agreement was announced today by Bob Krause, chairman of NutriJoy Inc. and vice president for institutional advancement at Kansas State University.
Under the terms of the agreement, The Coca-Cola Company will acquire a majority interest in NutriJoy Inc. and will continue to operate the company in Manhattan, Kan., led by its current management.
David Yang, who will remain president of NutriJoy, said, "We are very excited with the opportunity to partner with a global giant such as The Coca-Cola Company who believes in our vision for nutritious, great -tasting products. This is an excellent opportunity for us to bring innovation and our products, such as Cal-C®, to consumers around the world and to help grow both our companies." Yang said major food and beverage companies are rapidly expanding the development of products with better nutritional value or with improved functionality that deliver meaningful health and wellness benefits to consumers.
"The technology platforms and development capabilities of NutriJoy Inc., will add a key component to Coca-Cola's strategy for building category leaders and profitable growth in new beverage categories," said Danny Strickland, senior vice-president and chief technology officer of The Coca-Cola Company. "The Coca-Cola Company owns or licenses more than 400 brands, including diet and light beverages, waters, juice and juice drinks, teas, coffees, and energy and sports drinks, which are sold in over 200 countries."
“This is a wonderful success story that exemplifies our efforts to create start up companies around donated technologies, develop strategic partnerships with global industry leaders and build value for shareholders and the Kansas economy," said Kent Glasscock, president of NISTAC, a local non-profit corporation. NISTAC is part of the KTEC Innovation and Commercialization network that takes donated technology and patented intellectual property created by K-State scientists and facilitates their commercialization with national and international companies.
Krause said such partnerships are part of a national trend.
"Across the country, universities like Kansas State, are trying to move research and innovation from university laboratories to the private sector. The NutriJoy and Coca-Cola partnership is just another example of such efforts.
"This is a very exciting opportunity for not only both companies, but also the local Manhattan community," Krause said." Under the leadership of David Yang, we will continue to create and nurture great tasting, nutritious products that will help improve the lives of consumers not just here at home but also around the world."
NutriJoy, Inc. was incorporated in 2000 and launched its flagship, Cal-C® brand in April 2002. The company completed its first research and development contract with The Coca- Cola Company last year and with this deal joins its other global R&D centers.