Givaudan has acquired specialty cosmetic ingredients manufacturer Induchem Holding for an undisclosed sum.

The acquisition forms part of the Swiss flavors and fragrances manufacturer’s strategy to expand its Active Cosmetics Ingredients business and will help Givaudan create a strong R&D and marketing platform to drive growth in its fragrance division.

Induchem is based in Switzerland and has operations in France and the US. The cosmetics ingredients producer generated sales estimated at CHF25 million in the last year.

According to a report in Market Watch, Givaudan is seeking growth through acquisitions over the next five years, after lowering its sales target growth from 5 percent to 4 percent. Sales for the fragrance division were flat in the first half of 2015 when adjusted to allow for currency fluctuation, but fell 1.1 percent in Swiss Francs.