Domino Printing Sciences said the value of its investment in egg monitoring firm TEN Media had jumped by 25 million dollars in just one year.
In April 2011 Domino invested $50m in TEN, a business based in California set up to implement improved food safety monitoring, freshness and traceability systems in the egg industry.
Today the firm said Omron Automation & Safety, a supplier to the project, had invested as a minority shareholder, valuing TEN at $500m, a 50% increase in value.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Omron's investment dilutes Domino's holding down to 14.85%, valuing it at $74.25m.
The firm is set to provide manufacturing and procurement services, automation hardware and engineering support to TEN.
"We are delighted that Omron, a significant supplier from the outset of the project, has decided to become a strategic partner in the business venture through this investment," said Nigel Bond, Domino's Managing Director.
"Omron, a proven technology provider over many years, will help enhance TEN's product offerings and is a great addition to the team."
December 2023 NS&I Premium Bond winners - check now to see what you’ve won
If you hold money in NS&I Premium Bonds, you can check from today (2 December) to see if you have won in the December prize draw. Here’s how to check.
By Vaishali Varu Published
OpenAI – corporate drama unleashed
OpenAI, the firm behind ChatGPT, was in uproar as its boss was booted out, briefly snapped up by Microsoft and then brought back again.
By Dr Matthew Partridge Published