Flavors and fragrance manufacturer Symrise has expanded its reach in the Brazilian fragrance market through the acquisition of Citratus Fragrâncias, located in Vinhedo, near São Paulo.
A successful fragrance maker within the region, the Citratus purchase will allow Symrise to extend its foothold in the small and medium sized area of the industry, with the company having a production facility 45 minutes from São Paulo and sales representatives across the country.
Achim Daub, Global President Scent & Care within Symrise Group, said, “Brazil is a growth engine in Latin America. We have been growing above average there for years, particularly due to fragrance applications.
“The acquisition of Citratus is thus a logical step. It fully supports our strategy of increasing our presence and position in emerging markets. Through the acquisition Symrise will become the market leader for small and medium-sized customers. We will benefit from even better access to new customer groups, additional production capacities and further raw material supply.”
Financial details of the transaction were not disclosed, with the deal thought to close in January 2018.