BioAmber released their operational and financial results for the second quarter of 2017.
“We are pleased to report our second quarter 2017 results generated BioAmber’s largest quarterly revenue ever. Year to date we have experienced the greatest acceleration in new customers and new applications since our Sarnia facility was commissioned. Investments in our customer base are resulting in increased sales. Our pipeline is robust and we believe provides us with a solid foundation for 2018” said Mike Hartmann, President of BioAmber Sarnia and Head of Global Sales.
BioAmber also entered into a definitive agreement to purchase Mitsui & Co., Ltd.’s (“Mitsui”) entire minority equity position in the Sarnia manufacturing joint venture. Following the closing of the transaction, BioAmber Inc. will own 100% of the BioAmber Sarnia production facility. Mitsui’s divestiture of their equity stake in the Sarnia joint venture follows a review of their previously announced corporate strategy. Mitsui will still continue to distribute BioAmber’s bio-succinic acid in Asiaand other markets.
Given Mitsui’s longstanding presence in Canada and its shareholding in BioAmber Inc., the parties negotiated terms that allowed Mitsui to achieve its corporate objectives while enabling BioAmber Inc. to assume full ownership of the Sarnia facility.