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LangTech International to be acquired

Food processing company LangTech International will be acquired by Crest Minerals and renamed The Food Revolution Group.

LangTech International has operations in Mill Park, Victoria and New Zealand and manufactures quality juices, fibres, infused fruits, fruit waters and bioactives for sale as branded products and/or ingredients into the international function food and neutraceutical markets.

LangTech uses Counter Current Extraction (CCE) processing technology, which was developed in a joint venture with CSIRO. The process allows LangTech to extract numerous products from the one piece of fruit or vegetable, generating improved yields, high value by-products and lowering cost of production.

At least two new directors will be appointed, Bill Nikolovski will be appointed as Chief Executive Officer and Matthew Bailey will be appointed as Executive Director.

Crest plans to undergo capital consolidation after the acquisition and will then raise an additional capital of $10-12 million. It hoped that in the first half of FY16 that The Food Revolution Group will have a single focus and primarily be involved in food processing and FMCG in Australia and in key international target markets, such as China, as the provider of naturally functional products in the functional food and nutraceutical markets.

LangTech has current annual sales of approximately A$17 million.

 

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