|CONTACT: Richard R Current, Vice President & CFO, 517/372-9200|
LANSING, Mich., June 2, 2009 — Neogen Corporation (NASDAQ: NEOG) announced today that its Scotland-based European subsidiary has signed a partnership agreement with the Chinese government to research China-specific food safety and plant health issues.
The partnership agreement created a jointly funded laboratory in Beijing. Testing methods and data developed in this lab will be used by more than 30 other labs throughout China.
“This agreement represents a great opportunity for Neogen to be at the forefront in helping develop food safety and plant health solutions specifically for the Chinese,” said James Herbert, Neogen’s CEO. “This opportunity is a logical expansion of Neogen Europe’s proven ability to tailor solutions to the varying regulatory and quality assurance environments in the large number of countries it serves.”
A recent high-level meeting between Chinese Minister of Quality Supervision, Inspection and Quarantine, Wang Yong, Scotland’s First Minister, the United Kingdom’s Ambassador to China, Sir William Ehrman, and Neogen representatives, led to the final agreement.
“This is fantastic news for Neogen Europe, Scottish jobs and businesses and for our international reputation,” said Scotland’s First Minister Alex Salmond, in a news release. “The pace of progress following our meeting with Mr. Yang in China last month is a remarkable testament to the impressive work of Neogen Europe, the potential for Scottish businesses in China and the lasting cooperation built.”
According to the Scottish government, the agreement is expected to bring an economic boost of more than £10 million to Scotland, paving the way for increased exports to China, driving expansion in Scotland and solidifying Scotland’s reputation for world-leading sciences.
The company’s Neogen Europe subsidiary, based in Ayr, Scotland, does research and development of diagnostic tests for plant diseases and food safety, and also markets products from other Neogen locations. Neogen Europe was honored last year with the Queen’s Award for Enterprise—the most prestigious business award in the United Kingdom.
Neogen Corporation develops and markets products dedicated to food and animal safety. The company’s Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.
Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s most recently filed Form 10-K.