International Flavors & Fragrances has made a binding offer for the acquisition of Lucas Meyer Cosmetics, a division of Unipex Group. The sale is valued at US$283 million, will be funded from existing resources and is expected to close in the third quarter of 2015.

The acquisition forms part of IFF’s new purpose statement, Vision 2020, announced earlier this month.  “The addition of Lucas Meyer Cosmetics to the IFF portfolio aligns well with our strategic growth initiative to strengthen and expand our portfolio,” said IFF Chairman and CEO Andreas Fibig. “The company has a successful track record of delivering double-digit growth since 2011 in a very attractive industry. We believe they will be an excellent complement to our existing portfolio and will strengthen our ability to achieve our Vision 2020 goals of accelerated growth and increased differentiation.”

Meanwhile, the takeover will enable Lucas Meyer to benefit from IFF’s strong footprint in emerging markets and R&D capabilities. “This acquisition would combine our fragrance expertise, global commercial network, leadership in natural ingredients, and unique R&D pipeline with Lucas Meyer Cosmetics’ research and cosmetics ingredients innovation,” added Nicolas Mirzayantz, Group President Fragrances. “This will strengthen our product offerings and enable IFF to be one of our customers’ partners of choice in the very attractive skin care and hair care segment. We’re looking forward to welcoming Lucas Meyer Cosmetics’ employees to IFF.”

Antonio Lara, Vice President and General Manager of Lucas Meyer Cosmetics added: “We believe that IFF is the preferred partner for Lucas Meyer Cosmetics’ future development while preserving the continuity of the world-class innovative and market-driven cosmetic ingredient expertise built over the years by our dedicated and loyal people.”