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BASF (BASFY) Divests Bioenergy Enzymes Business to Lallemand
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BASF SE (BASFY - Free Report) has sold its bioenergy enzymes business in San Diego to Lallemand's subsidiaries, Danstar Ferment AG and Lallemand Specialties. This contains Spartec's product portfolio and associated technologies currently in development. Lallemand will incorporate the business and its employees into its Lallemand Biofuels & Distilled Spirits ("LBDS") unit. As of June 1, all business activities have been taken over by Lallemand.
LBDS is a prominent global provider of fermentation ingredients and technical solutions, and this purchase underscores the company's commitment to the fuel ethanol and alcohol industries. LBDS has collaborated with BASF's bioenergy division since 2017 to develop the expression of gluco and alpha-amylase enzymes in bioengineered yeast, which is now widely used in the North American ethanol manufacturing sector.
BASF continues to concentrate on its enzyme activities in the animal feed and detergent sectors. It will continue to provide farmers with agronomic solutions for growing low-carbon crops for the bioenergy industry. LBDS will demonstrate its enlarged offering at the Fuel and Ethanol Workshop in Minneapolis, which will run from Jun 10 to 12. Both sides have agreed not to divulge the financial and commercial terms of the arrangement.
Shares of BASFY have gained 4.5% over the past year compared with its industry’s 1.5% decline.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
BASFY currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the basic materials space are ATI Inc. (ATI - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) .
ATI currently carries a Zacks Rank of 2. It beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company’s shares have soared 77% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Carpenter Technology currently sports a Zacks Rank of 1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.1%. The company’s shares have soared 143.2% in the past year.
The Zacks Consensus Estimate for Ecolab's current year earnings is pegged at $6.56 per share, indicating a year-over-year rise of 25.9%. The consensus estimate for ECL’s current-year earnings has gone up in the past 30 days. ECL, which currently carries a Zacks Rank of 2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 38.6% in the past year.
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BASF (BASFY) Divests Bioenergy Enzymes Business to Lallemand
BASF SE (BASFY - Free Report) has sold its bioenergy enzymes business in San Diego to Lallemand's subsidiaries, Danstar Ferment AG and Lallemand Specialties. This contains Spartec's product portfolio and associated technologies currently in development. Lallemand will incorporate the business and its employees into its Lallemand Biofuels & Distilled Spirits ("LBDS") unit. As of June 1, all business activities have been taken over by Lallemand.
LBDS is a prominent global provider of fermentation ingredients and technical solutions, and this purchase underscores the company's commitment to the fuel ethanol and alcohol industries. LBDS has collaborated with BASF's bioenergy division since 2017 to develop the expression of gluco and alpha-amylase enzymes in bioengineered yeast, which is now widely used in the North American ethanol manufacturing sector.
BASF continues to concentrate on its enzyme activities in the animal feed and detergent sectors. It will continue to provide farmers with agronomic solutions for growing low-carbon crops for the bioenergy industry. LBDS will demonstrate its enlarged offering at the Fuel and Ethanol Workshop in Minneapolis, which will run from Jun 10 to 12. Both sides have agreed not to divulge the financial and commercial terms of the arrangement.
Shares of BASFY have gained 4.5% over the past year compared with its industry’s 1.5% decline.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
BASFY currently carries a Zacks Rank #2 (Buy).
Other top-ranked stocks in the basic materials space are ATI Inc. (ATI - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) .
ATI currently carries a Zacks Rank of 2. It beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.3%. The company’s shares have soared 77% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Carpenter Technology currently sports a Zacks Rank of 1. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 15.1%. The company’s shares have soared 143.2% in the past year.
The Zacks Consensus Estimate for Ecolab's current year earnings is pegged at $6.56 per share, indicating a year-over-year rise of 25.9%. The consensus estimate for ECL’s current-year earnings has gone up in the past 30 days. ECL, which currently carries a Zacks Rank of 2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.3%. The company’s shares have rallied roughly 38.6% in the past year.