Turkish fragrance company MG International will now operate as a member of the Firmenich group
Swiss flavour and fragrance company Firmenich has acquired Turkish fragrance firm MG International Fragrance Company.
Under the agreement, MG International will operate as a member of the Firmenich group, meanwhile, its founder Mişel Gülçiçek will remain a significant shareholder.
Commenting on the deal Gülçiçek said: “As an independent, family-owned business for 58 years, we are honoured to partner with the world’s largest privately held fragrance and flavour company.
“Firmenich is a true industry leader in both creativity and responsible business, we look forward to combining our artistry, innovation and technology to create positive emotions together.”
MG International supplies fragrance compositions and ingredients to nearly 4,000 manufacturers globally.
Firmenich’s CEO Gilbert Ghostine added: “With our combined capabilities, Firmenich and MG International will now offer winning fragrance solutions and exemplary service for regional and mid-size local customers across Turkey, the Middle East, North Africa, Eastern Europe and the greater ‘Stans’.
“Our new partnership will combine unrivalled innovation and technology with deep local customer intimacy and customer understanding, as well as giving us a strong supply chain base for faster speed-to-market across the region.”
The financial terms of the deal have not been disclosed and completion is expected to take place in early 2020.