Kiotech sells Ultrabite® sports fishing brand
Kiotech will sell its Ultrabite® sports fishing pheromone attractant brand and the associated rights under its license agreement with Cefas (Centre for the Environment, Fisheries and Aquaculture Science) to Rapala VMC Corporation.
Kiotech is retaining its licensing rights for the technology to the global aquaculture and commercial fishing markets under the Aquatice® brand.
The gross cash consideration is €900,000 (£818,182 at £1 = €1.10). Sales of Ultrabite® represent a very small part of overall Group sales and the Board of Kiotech considers this disposal to be in the best interests of shareholders.
This transaction fits well with the company’s strategy of supplying feed additives and nutritional products to the intensively farmed meat and fish protein industries where global population growth and increased wealth in developing countries are expected to drive demand for meat and fish.
In September, Kiotech completed the acquisition of Optivite, one of the largest independent animal nutrition and feed additive businesses in the United Kingdom, and the integration of that business is proceeding according to plan.
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