Solazyme and Roquette dissolve joint venture
Solazyme and Roquette Frères dissolve nutritionals joint venture over conflicting strategies
SOUTH SAN FRANCISCO, Calif. (AP) -- Solazyme and Roquette, unable to agree on strategy and timeline for getting products to market, agreed to dissolve their nutritionals joint venture.
The companies joined in 2010 to develop food ingredients from microalgae. It was hoped that the oil, protein and fiber based products would have a better taste, texture and health profile than products on the market now.
Solazyme Inc., based in California, makes renewable oil and bioproducts. Roquette Frères S.A., based in France, is a global starch and starch-derivatives company. Each company owns half of the joint venture.
Solazyme said Monday that the decision to terminate the joint venture was driven by the divergent views on manufacturing and marketing. As a result, it plans to speed up commercialization of the products.
The companies expect the formal dissolution to occur in the coming weeks.
Solazyme shares sank more than 19 percent to $10.18 by midday Monday on the news.
