Novonesis on Nov. 6 announced the company’s agriculture, energy and tech division reported 7% organic sales growth for the third quarter. The company primarily attributed the increase to positive performance in the ethanol sector.
For the first nine months of the year, the agriculture, energy and tech division reported 8% organic sales growth. According to Novonesis, the increase was led by the energy subsegment and supported by agriculture and tech. Performance in energy was led by strong growth in India and Latin America, driven by increased ethanol production capacity as well as by strong performance in Europe. Solid performance in North America was driven by greater adoption of innovation and growing ethanol production volumes supported by continued expansion of ethanol exports.
Sales growth was also supported by customers ramping up second generation ethanol production, as well as increased penetration of biosolutions for more efficient biodiesel production, Novonesis reported.
The company’s agriculture, energy and tech division is housed under its planetary health and biosolutions business segment, which also includes household care. Novonesis also has a business segment focused on food and health biosolutions, which includes divisions for food and beverages, and for human health.
The planetary health and biosolutions segment reported 6% organic sales growth for the third quarter and 8% organic sales growth for the first nine months of the year. The food and health biosolutions segment reported 6% organic sales growth for the third quarter and 9% organic sales growth for the first nine months of the year.
Overall, Novonesis reported 6% organic sales growth for the third quarter and 8% organic sales growth for the first nine months of the year.
A full copy of Novonesis’ third quarter report is available on the company’s website.
