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Symrise to expand Scent & Care Activities through Acquisition of Sensient's Fragrances Business Unit

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DGAP-News: Symrise AG / Key word(s): Mergers & Acquisitions/Agreement
23.11.2020 / 17:00
The issuer is solely responsible for the content of this announcement.

 

 

Symrise AG has signed a purchase agreement with Sensient Technologies Corporation (Milwaukee, USA) to acquire their fragrance and aroma chemicals activities. These comprise a wide range of aroma molecules and fragrances from natural and renewable sources. In fiscal year 2019, the business unit generated revenues of approx. 77 million Euros. With the acquisition, Symrise will strengthen its backward integration and broaden its leadership position as a supplier of fragrance ingredients which are increasingly demanded for use, especially in personal and home care products. Symrise will furthermore gain access to additional customers and strengthen its presence particularly in EAME and Latin America. Going forward, Symrise plans to also strengthen its manufacturing footprint in Spain with targeted investments in the manufacturing site in Granada that will be acquired.

"We constantly screen strategic opportunities in continuation of our ambitions in certain growth segments and also make bold steps in challenging times. With the Sensient activities, Symrise is expanding its range of fragrance ingredients and will thus boost its competitiveness in the creation of fragrance compositions. In view of the increasing importance of natural and renewable raw materials for the fragrance industry, the new product range ideally complements our current portfolio. We are convinced that we will once more fully deliver on our strategic priorities with this acquisition. We drive growth while at the same time strengthening our leadership position in fragrance ingredients and green chemistry," said Dr. Heinz-Jürgen Bertram, CEO of Symrise AG.

The Sensient fragrances and aroma chemicals business unit has been part of Sensient's Flavors & Extracts group. The unit holds longstanding business relationships with local, regional and global customers from the consumer goods industry. It supplies out of manufacturing sites in Spain and Mexico. The Sensient aroma molecules and fragrance solutions are mainly derived from renewable raw materials such as pine oil and citrus by-products amongst others. The portfolio will strengthen the Symrise products line with unique fragrance ingredients used in application such as perfumes, shampoos, soaps, detergents and antiperspirants. Through the acquisition, Symrise will not only be able to significantly expand its renewable ingredients portfolio, but to also increase its green chemistry value chain which includes various downstream products coming from sustainable cultivated sources.

Symrise plans to combine the R&D competencies and manufacturing capacities of Sensient's fragrance and aroma chemicals activities with parts of its own at the site in Granada. Over a period of three years, targeted investments will be made to grow the Granada site and make it the second largest compounding facility in EAME for fragrance ingredients and compounds.

Paul Manning, Chairman, President, and CEO of Sensient said: "We are pleased to be able to transition our fragrances and aroma chemical business to Symrise, an extremely strong and capable organization. This allows us to focus on our strategic priorities."

Both parties agreed to keep the purchase price confidential. The transaction is subject to satisfaction of antitrust and regulatory approvals and other customary closing conditions.

About Sensient Technologies Corporation:

Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient's customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world's best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.

About Symrise:

Symrise is a global supplier of fragrances, flavors, food, nutrition and cosmetic ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, pharmaceuticals and producers of nutritional supplements and pet food.Its sales of approximately € 3.4 billion in the 2019 fiscal year make Symrise a leading global provider. Headquartered in Holzminden, Germany, the Group is represented by more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. Symrise works with its clients to develop new ideas and market-ready concepts for products that form an integral part of everyday life. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise - always inspiring more .

www.symrise.com

Media contact:
 

Investor contact:

Bernhard Kott

Tobias Erfurth

Phone: +49 (0)5531 90-1721

Phone: +49 (0)5531 90-1879

Email: bernhard.kott@symrise.com

Email: tobias.erfurth@symrise.com

 

 

Social media:

 

twitter.com/symriseag

linkedin.com/company/symrise

youtube.com/agsymrise

xing.com/companies/symrise

instagram.com/symriseag

 

 

 


23.11.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de

Language:

English

Company:

Symrise AG

Mühlenfeldstraße 1

37603 Holzminden

Germany

Phone:

+49 (0)5531 90 0

E-mail:

ir@symrise.com

Internet:

www.symrise.com

ISIN:

DE000SYM9999, DE000SYM7787, DE000SYM7704

WKN:

SYM999

Indices:

MDAX

Listed:

Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange

EQS News ID:

1149674


 

End of News

DGAP News Service

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