New name for Inovatech nutrition unit
division and devised a new corporate logo for the unit which has
been targeted for growth in the nutrition marketplace.
The business, to be known as Vitalus Nutrition, makes a wide variety of specialty proteins, with a strong emphasis on value-added dairy proteins such as whey protein isolates and concentrates.
While the management and operations will be retained by Inovatech, along with its customer service, the business has plans for expansion.
"We are excited about the opportunities available to us in the nutritional marketplace. We are committed to aggressively grow and expand our line of niche products through our focus on research and development of new applications," said Vitalus Nutrition chairman and CEO J. Hugh Wiebe.
Sales of whey proteins have grown fast in recent years thanks to the development of new functional foods and drinks, particularly adult and sports nutrition products. A report by Denmark's 3A Business Consulting predicts there will be a growth of more than 10 per cent annually in individual whey specialities up to 2007, compared to a mere 0-5 per cent growth in global whey commodities in general.
Inovatech, based in Abbotsford, British Columbia, was formed in 1993 through a combination of family businesses founded in the late 1950s that operated primarily in the Canadian egg processing business. In August 2002, the egg product division was sold to MFI Food Canada, a wholly owned Canadian subsidiary of Michael Foods.
Inovatech continues to operate its BioProducts business, which is one of the world's leading producers of biologically active proteins such as lysozyme, pancreatic enzyme and various specialty ovo-products.
The new corporate slogan for Vitality is 'Vitality through Nutrition', designed to convey an image of high quality nutritional ingredients, which promote vitality, health and well being.
