About Neogen

Neogen Corporation and subsidiaries (Neogen) develop, manufacture, and market a diverse line of products and services dedicated to food and animal safety. The company’s Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns. The company’s diagnostic test kits are generally easier to use and provide greater accuracy and speed than conventional diagnostic methods. The majority of these test kits are disposable, single-use, immunoassay and DNA detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. The company’s expanding line of food safety products also includes genomics-based diagnostic technology and advanced software systems that help testers to objectively analyze and store their results and perform analysis on the results from multiple locations over extended periods. On September 1, 2022, Neogen, 3M Company (3M) and Neogen Food Safety Corporation (Neogen Food Safety Corporation), a subsidiary created to carve out 3M’s Food Safety Division (3M FSD, FSD), closed on a transaction combining 3M’s FSD with Neogen in a Reverse Morris Trust transaction and Neogen Food Safety Corporation became a wholly owned subsidiary of Neogen (FSD transaction, the Transaction). Neogen’s Animal Safety segment is engaged in the development, manufacture, marketing, and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, rodent control products, cleaners, disinfectants, insect control products and genomics testing services for the worldwide animal safety market. The majority of these consumable products are marketed through veterinarians, retailers, livestock producers, and animal health product distributors. The company’s line of drug detection products is sold worldwide for the detection of abused and therapeutic drugs in animals and animal products, and has expanded into the workplace and human forensic markets. Neogen’s products are marketed by the company’s sales personnel and distributors throughout the world. The company has been historically successful at increasing product sales organically, including international growth, and maintain an active acquisition program to identify and capitalize on opportunities to acquire new products, businesses or technology. Products Product trademarks and registered trademarks owned by Neogen include: CORPORATE: Neogen, Neogen flask (logo), Neogen and flask (logo), NeoCenter FOOD SAFETY: AccuClean, AccuPoint, AccuScan, Acumedia, Agri-Screen, Alert, ANSR, Betastar, BioLumix, Ceralpha, Clean-Trace, Colitag, F.A.S.T., Freeze Watch, GeneQuence, Harlequin, Iso-Grid, Lab M, Listeria Right Now, Megazyme, Megazyme (design), MonitorMark, MPNTray, NeoColumn, NeoNet, NeoSeek, NEO-GRID, Penzyme, Petrifilm, Raptor, Reveal, Soleris, µPREP, and Veratox. LIFE SCIENCES: Alert, K-Blue, K-Gold, and NeoSal. ANIMAL SAFETY: Acid-A-Foam, Ag-Tek, AluShield, AquaPrime, Assault, Barnstorm, BioCres 50, BioPhene, BioQuat, BotVax, Breeder-Sleeve, Calf Eze, Chem-Tech, Ltd., Chem-Tech’s CT logo (with circle), Chlor-A-Foam, COMPANION, CT-511, Cykill, D3 Needles, D3X, DC&R, DeciMax, Di-Kill, Dr. Frank’s, Dy-Fly, DX3, Dyne-O-Might, ElectroJac, ELISA Technologies (design), EqStim, EquiSleeve, E-Z Catch, Farm-Foam, Final-Fly-T, Fly-Die Defense, Fly-Die Ultra, Fura-Zone, Gene-Trak, Horse Sense, Ideal, ImmunoRegulin, Iodis, Jolt, LD-44T, LD-44Z, MACLEOD, Maxi Sleeve, MegaShot, Viroxide Super, Neogen Viroxide Super and flask (design), NFZ, Nu Dyne, PanaKare, Paradefense, Parvosol, Peraside, Place Pack, PolyPetite, PolyShield, PolySleeve, Preserve, Preserve International, Preserve International(design), Prima, Prima Marc, Prima-Shot, Prima Tech, Pro-Fix, Pro-Flex, Pro-Shot, Protectus, Provecta, Provecta Advanced, Prozap, Prozap (stylized mark w/fancy Z), PY-75, Ramik, RenaKare, Rodex, Safe-T-Flex, Siloxycide, Squire, Standguard, Stress-Dex, SureBond, SureKill, Swine-O-Dyne, Synergize, Tetrabase, Tetracid, Tetradyne, ThyroKare, Tri-Hist, Triplox, Paradefense, Turbocide, Turbocide Gold, Uniprim, VAP-5, VAP-20, Vet-Tie, Vita-15, War Paint, and X-185. GENOMICS: Aviandx and Design, Canine HealthCheck, Canine HealthCheck and Design, CatScan and Design, EarlyBird Sex Identification, Envigor, GeneSeek, Genomic Profiler, Genomic Insight for Personalized Care, Igenity, Infiniseek, Paw Print Genetics, Paw Print Pedigrees, SeekGain, SeekSire, Skimseek, and Early Warning. LOGOTYPES: BioSentry barn logo, BioSentry chicken logo, BioSentry pig logo, Circular design, TurboCide (stylized), and D3 color mark – red Neogen operates in two business areas: the Food Safety and Animal Safety segments. Food Safety segment Neogen’s Food Safety segment primarily is engaged in the production and marketing of diagnostic test kits and complementary products marketed to food and feed producers and processors to detect dangerous and/or unintended substances in food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications and general sanitation concerns. The company’s test kits are used to detect potential hazards or unintended substances in food and animal feed by testers ranging from small local grain elevators to the largest, best-known food and feed processors in the world, and numerous regulatory agencies. Along with detection of contaminants in foods, the company also detects beneficial components in foods, such as dietary fiber and carbohydrates. Neogen’s products include tests for: Mycotoxins. Grain producers and processors of all types and sizes use the company’s Veratox, Agri-Screen, Reveal, Reveal Q+ and Reveal Q+ MAX tests to detect the presence of mycotoxins, including aflatoxin, aflatoxin M1, deoxynivalenol, fumonisin, ochratoxin, zearalenone, T-2/HT-2 toxin and ergot alkaloid, to help ensure product safety and quality in food and animal feed. Food Allergens: The world’s largest producers of cookies, crackers, candy, ice cream and many other betaprocessed foods use the company’s Veratox, Alert, Reveal, Reveal 3-D and BioKits testing products to help protect their food-allergic customers from the inadvertent contamination of products with food allergens, including but not limited to peanut, milk, egg, almond, gliadin (gluten), soy, hazelnut and coconut residues. Also included in the company’s food allergen testing portfolio are Allergen Protein Rapid Kits and Allergen Protein ELISA Kits, acquired as part of the FSD transaction in September of 2022. Foodborne Pathogens: Meat and poultry processors, seafood processors, fruit and vegetable producers and many other market segments are the primary users of Neogen’s ANSR and Reveal tests for foodborne bacteria, including E. coli O157:H7, Salmonella, Listeria and Campylobacter. Neogen’s ANSR pathogen detection system is an isothermal amplification reaction test method that exponentially amplifies the DNA of any bacteria present in food and environmental samples to detectable levels in 10 minutes. Combined with ANSR’s single enrichment step, Neogen’s pathogen detection method provides DNA-definitive results in a fraction of the time of other molecular detection methods. The Molecular Detection System, an isothermal DNA detection and bioluminescence device, and unique Molecular Detection Assays provide a total solution for fast and accurate pathogen detection, acquired as part of the FSD transaction in September 2022. The company’s Listeria Right Now test detects the pathogen in less than 60 minutes without sample enrichment. Reveal’s lateral flow device combines an immunoassay with chromatography for a rapid and accurate one-step result. Spoilage Microorganisms: Neogen’s Soleris products are used by food processors to identify the presence of spoilage organisms (e.g., yeast and mold) and other microbiological contamination in food. The systems measure microbial growth by monitoring biochemical reactions that generate a color change in the media as microorganisms grow. The sensitivity of the system allows detection in a fraction of the time needed for traditional methods, with less labor and handling time. The company’s NeoSeek genomics services utilize a novel application of metagenomics to determine all bacteria in a sample, without introducing biases from culture media, and without the need to generate a bacterial isolate for each possible microbe in a sample. The Microbial Luminescence System (MLS II), acquired in the September 2022 FSD transaction, is designed for the rapid detection of microbial contamination in dairy and dairy-related products, utilizing adenosine triphosphate (ATP) bioluminescence technology. Sanitation Monitoring: Neogen manufactures and markets the company’s AccuPoint Advanced rapid sanitation test to detect the presence of ATP, a chemical found in all living cells. Also included in the company’s ATP sanitation monitoring portfolio is the Clean-Trace hygiene monitoring system, acquired as part of the FSD transaction in September 2022. These easy-to-use and inexpensive tests use bioluminescence to quickly determine if a contact surface has been completely sanitized. When ATP comes into contact with reagents contained in the test device, a reaction takes place that produces light. More light is indicative of higher levels of ATP and a need for more thorough sanitation. The company’s worldwide customer base for ATP sanitation testing products includes food and beverage processors, the food service and healthcare industries, as well as many other users. Seafood Contaminants: Neogen’s specialty products for the seafood market include tests for histamine, a highly allergenic substance that occurs when certain species of fish begin to decay; and sulfite, an effective but potentially allergenic shrimp preservative. Waterborne Microorganisms: Neogen offers the food and beverage industries, including water companies, several platforms for performing the microbial analysis of water. This includes Neogen’s filter tests, which are a combination of Neogen Filter membrane filtration and Neogen Culture Media ampouled media, and an easy-to-use Colitag product. With Colitag, after an incubation period, the sample changes color in the presence of coliforms and fluoresces in the presence of E. coli. Culture Media: Neogen Culture Media, formerly Neogen’s Acumedia and Lab M products, offers culture media and prepared media for varied purposes, including traditional bacterial testing and the growth of beneficial bacteria, such as cultures for sausages and beer. Also included under Neogen Culture Media is the Petrifilm solution, acquired as part of the FSD transaction in September 2022. Petrifilm standard and rapid plates are all-in-one plating systems that serve as an efficient method for the detection and enumeration of various microorganisms. The company’s customers for culture media also include commercial and research laboratories and producers of pharmaceuticals, cosmetics and veterinary vaccines. Food Quality Diagnostics: Through the Ireland-based Megazyme, Ltd., Neogen supplies diagnostic kits and specialty enzymes used worldwide by quality control laboratories in the food, animal feed and beverage industries. Megazyme’s validated assays and reagents are used across various food industries such as the grain, wine and dairy markets, to measure dietary fibers, complex carbohydrates, simple sugars and organic acids, such as lactose. Sample Handling: Neogen offers a range of sample handling products, acquired through the September 2022 FSD transaction. Digital Services: The company’s food safety and risk management software-as-a-service, Neogen Analytics, delivers a comprehensive Environmental Monitoring Program (EMP) automation solution for food companies. The software reduces risk by increasing the visibility of food safety testing results, elevating the ability to comply with and improve food safety standards. With the Corvium acquisition in February 2023, Neogen's capabilities expanded with additional services and modules to include data aggregation and digitalized workflow services for product testing and sanitation programs. Laboratory Services: Neogen offers food safety analysis services in the United States (U.S.), United Kingdom (U.K.) and India. These ISO-accredited laboratories offer a variety of fee-for-service tests for the food and feed industries. The majority of Neogen’s food safety test kits use immunoassay technology to rapidly detect target substances. The company’s ability to produce high-quality antibodies sets its products apart from immunoassay test kits produced and sold by other companies. The company’s kits are available in microwell formats, which allow for automated and rapid processing of a large number of samples, as well as lateral flow and other similar devices that provide distinct visual results. Typically, test kits use antibody-coated test devices and chemical reagents to indicate a positive or negative result for the presence of a target substance in a test sample. The simplicity of the tests makes them accessible to all levels of food producers, processors and handlers. Neogen also offers other testing methods and products to complement its immunoassay tests. The company’s test kits are generally based on internally developed technology, licensed technology, or technology that is acquired as a result of acquisitions. Neogen’s international operations in the U.K., Europe, Mexico, Guatemala, Brazil, Argentina, Uruguay, Chile, China and India originally focused on food safety products, and each of these units reports through the Food Safety segment. In recent years, these operations have expanded to offer the company’s complete line of products and services, including those usually associated with the Animal Safety segment, such as cleaners, disinfectants, rodent control, insect control, veterinary instruments and genomics services. These additional products and services are managed and directed by existing management at the company’s international operations and report through the Food Safety segment. Animal Safety segment Neogen’s Animal Safety segment is primarily engaged in the development, manufacture, marketing, and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, a full suite of agricultural biosecurity products such as rodent control, cleaners, disinfectants and insect control, and genomics services. Veterinary instruments. Neogen markets a broad line of veterinary instruments and animal health delivery systems primarily under the Ideal brand name. Approximately 250 different products are offered, many of which are used to deliver animal health products, such as antibiotics and vaccines. Ideal’s D3 and D3X Needles are stronger than conventional veterinary needles and are detectable by metal detectors at meat processing facilities — a potential market advantage in the safety-conscious beef and swine industries. Neogen’s Prima product line consists of highly accurate devices used by farmers, ranchers and veterinarians to inject animals, provide topical applications and use for oral administration. The Prima line also includes products used in artificial insemination in the swine industry, animal identification products and handling equipment. Veterinary Pharmaceuticals: Animal Safety’s NeogenVet product line provides innovative, value-added, high quality products to the veterinary market. Top NeogenVet products include PanaKare, a digestive aid that serves as a replacement therapy where digestion of protein, carbohydrate and fat is inadequate due to exocrine pancreatic insufficiency; Natural Vitamin E-AD, which aids in the prevention and treatment of vitamin deficiencies in swine, cattle and sheep; RenaKare, a supplement for potassium deficiency in cats and dogs; and ThyroKare, a supplement used as replacement therapy for dogs with diminished thyroid function. Neogen also markets Uniprim, a veterinary antibiotic, and several companion animal parasiticides. Veterinary Biologics: Neogen’s BotVax B vaccine has successfully protected thousands of horses and foals against Type B botulism, commonly known as Shaker Foal Syndrome. The company’s product is the only USDA-approved vaccine for the prevention of Type B botulism in horses. Years of research and many thousands of doses have proven Neogen’s EqStim immunostimulant to be safe and effective as a veterinarian-administered adjunct to conventional treatment of equine bacterial and viral respiratory infections. The company’s ImmunoRegulin product uses similar immunostimulant technology to aid in the treatment of pyoderma (a bacterial skin inflammation) in dogs. Veterinary OTC Products: Animal Safety products offered by Neogen to the retail over-the-counter (OTC) market include Ideal brand veterinary instruments packaged for the retail market. OTC products also include Stress-Dex, an oral electrolyte replacer for performance horses, and Fura-Zone, for the prevention and treatment of surface bacterial infections in wounds, burns and cutaneous ulcers. Hoof care, disposables and artificial insemination supplies are marketed to the dairy and veterinary industries. Rodent Control Products: Neogen’s comprehensive line of proven rodent control products, sold under brand names, such as Ramik, CyKill and Havoc, effectively address rodent problems of any size and serve as a critical component of an overall biosecurity plan for animal protein production operations. Neogen offers several active ingredients, including diphacinone, bromethalin, brodifacoum and zinc phosphide, formulated with food-grade ingredients to generate the highest acceptance and most palatable bait possible. Cleaners and Disinfectants: Used in animal and food production facilities, Neogen’s cleaners and disinfectants, including Synergize, 904 Disinfectant, Acid-A-Foam, BioPhene, Neogen Viroxide Super, and Companion, can prevent disease outbreaks. The products are also used in the veterinary clinic market to maintain sanitary conditions and limit the potential hazards of bacteria, fungi and viruses. Neogen’s water line cleaner and disinfectant products, including Peraside, NeoKlor, AquaPrime and Siloxycide, are used to clean water lines and provide continuous disinfection of a livestock facility’s water supply. Insect Control Products: Neogen’s highly effective insect control products utilize environmentally friendly technical formulas, and several are approved for use in food establishments and by pest control professionals in a wide range of environments. The company’s Prozap insect control brand is used in the large animal production industry, particularly with dairy and equine producers. Neogen’s SureKill line of products is used by professionals to control a variety of insects, and the company’s StandGuard Pour-on solution is used for horn fly and lice control in beef cattle. Animal Genomics Services: Neogen Genomics provides value-added services to leading agricultural genetics providers, large national cattle associations, companion animal breed registries and direct-to-consumer canine genetic test providers, university researchers, and numerous commercial beef and dairy cattle, swine, sheep and poultry producers. With state-of-the-art genomics laboratories and comprehensive bioinformatics to interpret genomics test results, Neogen Genomics offers identity and trait determination and analysis. The company’s technology employs high-density DNA genotyping and genomic sequencing for identity and trait analysis in a variety of important animal and agricultural plant species. The company’s extensive bioinformatics database identifies and predicts an animal’s positive or negative traits based on DNA test results. This information has helped livestock producers increase the speed of genetic improvement in their herds and the overall performance and quality of their animals. Neogen’s December 2021 acquisition of Genetic Veterinary Sciences, Inc. expanded the company’s portfolio through the addition of a number of genetic tests for companion animals, including dogs, cats and birds. Life Sciences: Neogen’s Life Science/Toxicology line of products include reagents and test kits for immunoassay production, life science research, and forensic and animal toxicology. Product offering includes a wide range of tests to provide solutions for drugs of abuse, including designer drugs and emerging drugs. The drug detection assays include over 100 test kits used to screen more than 300 drugs and their metabolites in various forensic matrices, including oral fluid, whole blood, urine, serum, plasma, meconium, and others. The company’s portfolio for life science research includes assays for detecting levels of hormones, steroids, lipoxins, and histamine in a wide range of samples and species types. Additionally, the company offers reagents and unique colorimetric and chemiluminescent substrates for immunoassay production and research applications. Many of the products and services in the Animal Safety segment use licensed technology. Neogen’s operation in Australia originally focused on providing genomics services and sales of animal safety products and reports through the Animal Safety segment. It has expanded to offer the company’s complete line of products and services, including those usually associated with the Food Safety segment. These additional products are managed and directed by existing management at Neogen Australasia and report through the Animal Safety segment. General Sales and Marketing Neogen is organized under two segments — Food Safety and Animal Safety. Within these segments, the company’s sales efforts are generally organized by specific markets, and/or geography. During the fiscal year that ended May 31, 2023, the company had approximately 41,000 customers for its products. As many of the company’s customers are distributors and certain animal safety products are offered to the general retail market, the total number of end users of its products is considerably greater than 41,000. Domestic Sales and Marketing Food Safety To reach each customer and prospect with expertise and experience, Neogen has a staff of specialized food safety sales and technical service representatives assigned to specific markets or geographies. This staff sells the company’s products directly to end users and also handles technical support issues that arise with customers. Neogen’s food safety markets are primarily consist of: Milling and grain, including grain elevators, feed mills, pet food manufacturers and grain inspection companies; Meat and poultry, including meat and poultry processors, producers of ready-to-eat meat and poultry products, and the USDA’s Food Safety Inspection Service (FSIS); Prepared foods and ingredients, including flour millers, malters, bakeries, candy and confection manufacturers, manufacturers of prepared meals, nuts, spices, cookies, crackers and other snack foods; Fruits and vegetables, including growers and processors of juice and packaged fresh cut grocery items; Seafood, including harvesters and processors of a wide variety of seafood products; Dairy, including milk and yogurt processors; Beverage, including soft drink bottlers and beer and wine producers; Water, including food producers, water bottlers and municipal water departments; Healthcare, including hospitals and distributors to the healthcare industry; Traditional culture media markets, including commercial and research laboratories and producers of pharmaceuticals, cosmetics and veterinary vaccines; Food service, including fast food service establishments and retail grocery market chains; and Dietary supplements, including producers and marketers of a wide variety of nutritional and holistic consumer products. Animal Safety Neogen’s staff of specialized animal safety sales, marketing, customer and technical service representatives sell the company’s products and services directly to consumers, dealers, veterinarians, distributors and other manufacturers and also handle technical support issues. Neogen further supports its distribution channels through product training, field support, various promotions and advertising. Neogen’s animal safety markets are primarily consists of companion animal veterinarians; livestock producers, veterinarians and breed associations; retailers, including large farm and ranch retailers; breeding and genetics companies, including large dairy artificial insemination providers, poultry and swine genetics companies and the aquaculture industry; diagnostic labs and universities, including commercial and forensic testing laboratories; to expand the reach of its animal safety OTC and veterinary products, Neogen has a dedicated sales team that sells the company’s products to animal health product distributors; and other manufacturers and government agencies. International Sales and Marketing Neogen maintains Company-owned locations outside of the United States in 23 countries to provide a direct sales presence. The company also maintains a network of distributors to reach countries where it does not have a direct presence. The U.K., Europe, Middle East, Africa and India: Neogen Europe, Ltd., headquartered in Ayr, Scotland, sells products and services to the company’s network of customers and distributors throughout the U.K., Europe, the Middle East and Africa. Customers in the U.K., France, Germany, Italy, the Netherlands, United Arab Emirates (U.A.E.) and India are served by its employees. In other regions, customers generally are served by distributors managed by Neogen Europe personnel. Neogen Europe management also is responsible for various other manufacturing operations and service providers, including Quat-Chem, Ltd., Neogen Italia, Megazyme, Ltd., Delf, Ltd., and Abbott Analytical, Ltd. Neogen Europe has two additional manufacturing locations in Heywood and Liverpool, England, which manufacture culture media supplements and microbiology technologies. Neogen also operates an accredited laboratory in India, located in Kochi, in the state of Kerala, that performs food safety and water quality testing for food producers, major hotels and restaurants in its home region, as well as safety and quality analysis for the country’s expanding nutraceutical market, and growing food export businesses. Mexico, Central and South America: Neogen maintains offices and distribution facilities in Mexico, Guatemala, Brazil, Argentina, Chile, Uruguay and Colombia. Combined, the businesses distribute Neogen’s products and offer genomics services throughout Mexico, Central and South America to distributors and end customers. Neogen do Brasil, headquartered near São Paulo, is also responsible for manufacturing, marketing and sales for Rogama, located in Pindamonhangaba, Brazil. This company operates a genomics testing laboratory (formerly named Deoxi) and develops, manufactures and markets rodent control and insect control products. Rogama offers registered pest control products to Brazil’s agronomic, professional and retail markets. The Asia Pacific: Neogen maintains offices in Japan, Korea, Thailand, China, Australia and New Zealand. Combined, the businesses distribute Neogen’s products throughout the Asia Pacific region to distributors and end customers. The company’s Chinese subsidiary, located in Shanghai, also operates a genomics testing laboratory, focusing on swine, dairy and beef cattle markets. Neogen’s Australasia subsidiary also operates a genomics testing laboratory, focusing on sheep and cattle markets in Australia and New Zealand. Neogen Canada: This business operates a genomics testing laboratory in Edmonton, Alberta. Other Distributor Partners: Outside of the company’s physical locations, Neogen uses its own sales managers in both the Food Safety and Animal Safety segments to work closely with and coordinate the efforts of a network of approximately 800 distributors in more than 100 countries. The distributors provide local training and technical support, perform market research and promote Company products within designated countries around the world. Strategy The key elements of the company’s strategy include increasing sales of existing products; introducing innovative products and services; growing international sales; and acquiring businesses and forming strategic alliances. Research and Development The company’s research and development costs were approximately $26,039 for the year ended May 31, 2023. Government Regulation A significant portion of Neogen’s products and revenues are affected by the regulations of various domestic and foreign government agencies, including the U.S. Department of Agriculture (USDA), the Environmental Protection Agency (EPA), and the U.S. Food and Drug Administration (FDA). The rodent control products, insect control products, cleaners, disinfectants and sanitizers manufactured and distributed by Neogen are subject to EPA and various U.S. state regulations as well as other analogous agencies in the markets where the company sells such products. In general, any international sale of the company’s products also must comply with similar regulatory requirements in the country of destination. Each country has its own individual regulatory construct with specific requirements. To the best of its knowledge, Neogen products are compliant with applicable regulations in the countries where such products are sold. Neogen’s veterinary vaccine products and some pharmaceutical products require government approval to allow for lawful sales. The vaccine products are approved by the U.S. Department of Agriculture, Center for Veterinary Biologics (USDA-CVB) and analogous agencies in jurisdictions where sold. The pharmaceutical products are approved by the FDA and analogous agencies in jurisdictions where sold. History Neogen Corporation was founded as a Michigan corporation in 1981. The company was incorporated in 1981.