Evonik has concluded a purchase agreement to acquire Wilshire Technologies, Headquartered in Princeton NJ (US), Wilshire Technologies supplies phytochemicals and derivatives to the global cosmetic and pharmaceutical industries.
The new home for the cosmetics part of Wilshire’s product portfolio will be in Evonik’s Care Solutions business line. The purchase price will not be disclosed.
Wilshire Technologies has developed a strong technology which obtains products based on renewable and non-animal-origin sources. Utilizing more sustainable and renewable sources for cosmetic ingredients has become an extremely important criteria that many personal care companies in the market today are aiming for. This acquisition comprises approximately 10 employees, and marks a substantial addition to Evonik’s sustainable cosmetic active ingredients portfolio. Evonik’s Care Solutions business will be able to expand its product range into phytochemicals, such as plant derived cholesterol, as a replacement for animal originated ingredients in cosmetic active ingredients. This move supports the ongoing transformation of Evonik’s cosmetics ingredients portfolio towards sustainability and natural-based ingredients.
Wilshire Technologies was founded in 1997 by former Rutgers professor, Joe San Filippo, who has over 35 years of product development experience in this field.
