Eurofins Scientific (EUFI.PA) announces that it has successfully closed the transaction to acquire Lab Frontier Co., Ltd., which provides a broad suite of food, environment and cosmetics testing services in South Korea. Lab Frontier, an affiliate company of Young In Group (YIG), will further develop its business as part of Eurofins’ network of laboratories going forward.
Lab Frontier has been certified by the Korean Laboratory Accreditation Scheme (KOLAS) and by the Korean Food and Drug Administration (KFDA) for testing cosmetics and livestock. Lab Frontier is accredited by the National Institute of Environmental Research (NIER) as a certified analytical laboratory for drinking water, dioxins, polychlorinated biphenyls (PCBs) and waste analysis. Lab Frontier is the market leader in dioxin testing in South Korea. The company is located in Anyang, close to Seoul. It employs 40 staff and generated revenues close to EUR 3m in 2017.
The acquisition of Lab Frontier provides Eurofins with a valuable entry into the analytical testing market in South Korea. This transaction expands the Group’s growing footprint in Asia Pacific, and provides a good platform to extend our presence in this market with significant organic and inorganic growth potential in the future.
Comment from J.W. Kim, YIG CFO: "We expect Eurofins, the leader in global analytics services, to successfully enter South Korean market with the acquisition of Lab Frontier and look forward to maintaining close cooperation between Eurofins and YIG to build mutual success.”
Comment from Y.S. Kang, Lab Frontier CEO: “We are very excited about our future prospects as part of the Eurofins Group. Gaining access to the Group’s full range of services and capabilities will allow us to improve and expand our service offering to the benefit of our clients. In return, we will contribute to Eurofins’ growth and help reinforce its market presence in South Korea.”
Comment from Dr. Gilles Martin, Eurofins CEO: “We are pleased to welcome Lab Frontier to Eurofins’ family of businesses. The acquisition of Lab Frontier will reinforce the Groups’ growing footprint in Asia Pacific, and is another sign of our strong commitment to this region. As a result of this acquisition, Lab Frontier will gain access to the full range of services and capabilities of the Eurofins network, allowing them to significantly expand their analytical services offering to the benefit of their clients in South Korea and abroad.”