Givaudan has announced the acquisition of perfume house Drom in a bid to further cement its foothold on the global fragrance market.
Terms of the deal have not been disclosed, with Givaudan funding the deal through existing resources. According to Givaudan, “Drom’s business would have represented approximately EUR 110 million of incremental sales to Givaudan’s results in 2018.”
Creating fragrances for consumer products and fine fragrances for brands worldwide, the purchase of Drom will strengthen Givaudan’s existing portfolio. The deal is expected to close in the third quarter of 2019, subject to formal approvals from the regulatory authorities.
Gilles Andrier, CEO of Givaudan said: “The acquisition of Drom is very exciting for Givaudan as it further asserts our leadership position in the Fragrance market globally and is fully in line with our strategic ambitions. Like Givaudan, Drom has a long heritage in fragrance creation and their capabilities and strong culture will fit perfectly with ours. We look forward to welcoming Drom’s employees to Givaudan and are confident that our combined capabilities will deliver a compelling valuable proposition for our customers across segments and in key markets.