Global supplier of fragrances, flavourings and cosmetic materials Symrise is strengthening its activities in the scent and care segment in North America with the acquisition of Pinova Holdings, Inc for US$ 397 million.
Dr. Heinz-Jürgen Bertram, CEO of Symrise © Symrise
Headquartered in Brunswick, Georgia, USA, Pinova Holdings is a supplier of ingredients from natural and renewable sources used mainly in the production of perfumes, fragrances and oral care products. The company has manufacturing operations at three locations: Brunswick and Colonel’s Island, Georgia, USA, and in Jacksonville, Florida, USA. In the fiscal year 2014, Pinova recorded sales of US$ 287 million with a workforce of about 400 employees.
In the fragrance ingredients segment Pinova is a leading supplier of fragrances derived from natural and renewable raw materials, including products based on wood, orange oils and paper production by-products. In the sensory ingredients segment, the company main focus is on cooling substances used in combination with menthol-based products to enhance the cooling effect. They are used in the manufacturing of oral care products, chewing gum and beverages, among other areas.
Menthol production © Symrise
"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 recognized 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," said Dr. Heinz-Jürgen Bertram, CEO of Symrise.
Subject to regulatory approval, the deal is expected to close at the beginning of 2016.
