Neogen CEO touts deal with 3M’s food-safety unit, says it improves blockchain innovation

  • Date: 16-Dec-2021
  • Source: CNBC
  • Sector:Economy
  • Country:Middle East
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Neogen CEO touts deal with 3M’s food-safety unit, says it improves blockchain innovation

CEO John Adent on Wednesday touted the company's deal to merge with 's food-safety unit, telling CNBC's it improves revenue growth opportunities and fuels innovation on emerging technologies such as the blockchain. Neogen — which makes animal health-care products and food safety tests, including those that can be used to detect pathogens and allergens — . The news sent the Michigan-based company's stock higher by 8.2% Tuesday, although it gave back some of those gains Wednesday when it lost 1.34%. Combining with 3M's food-safety unit "doubles the size of our business," Adent said in an interview on "It really allows us to reach more customers more often with an unparalleled product offering. ... It's going to help us drive this industry forward through our data analytics platform and our blockchain solution that really increases the efficiency, traceability and enhance the food-safety protocols for customers." Blockchains are decentralized digital ledgers that are most commonly associated with cryptocurrencies such as bitcoin and ether. However, that's not its only use case. Neogen partnered with Ripe Technology to start adapting the blockchain into its work on food safety diagnostics and animal genomics. The blockchain is helpful to Neogen because it "permanently connects a tremendous