Flavours and fragrances company Symrise has acquired Georgia-based ingredients manufacturer Pinova Holdings for $397m, subject to conditions.
Pinova Holdings produces natural and renewable ingredients for use in perfumes, fragrances and oral care products. Its portfolio includes products based on wood, orange oils and paper-production by-products. It also produces cooling substances used in combination with menthol-based products for an enhanced cooling effect in oral care products.
Dr Heinz-Jügen Bertram, CEO of Symrise, commented on the development: "With the acquisition of Pinova Holdings, which owns the operating companies Pinova and Renessenz, we are taking a big step in the growth of our Aroma Molecules business. In view of the increasing importance of natural and renewable raw materials for the fragrance industry, the product range ideally complements our current portfolio. Pinova Holdings has recognised expertise and is very well positioned in that area. In addition, Pinova Holdings will broaden our portfolio of ingredients in oral care as well as some attractive new market segments. At the same time, the company will benefit from our global presence and sales structure as well as our R&D expertise."
The deal is expected to close at the start of 2016. Pinova Holdings recorded sales of $287m last year and currently has around 400 employees.
