THE WHAT? Givaudan has announced that it has reached an agreement to acquire Custom Essence. Terms of the deal were not disclosed.
THE DETAILS The US-based fragrance creation house would have represented approximately US$40 million of incremental sales to Givaudan’s results in 2020 on a proforma basis, the fragrance and flavors house revealed. The transaction is expected to close in Q4 2021 and will be funded from existing resources.
THE WHY? Maurizio Volpi, President of Givaudan Fragrance & Beauty explains, “We are excited to announce the acquisition of Custom Essence as it fits perfectly with our 2025 strategy to expand our presence with local and regional customers and grow our capabilities in natural perfumes. Custom Essence will bring true expertise in managing a fast-growing customer segment, as well as valuable know-how in formulating natural fragrances. I look forward to warmly welcoming all the employees of Custom Essence into the Givaudan family.”