DRT has signed an agreement with Symrise for the acquisition of Pinova Inc, a division of the fragrance producer’s recently acquired Pinova Holdings.
Under the agreement, DRT will buy Pinova Inc, its diversified portfolio of industry applications and its Brunswick manufacturing site from Symrise for US$150 million. As part of the transaction, Symrise and DRT will co-operate on individual development projects as well as on the supply of strategic raw materials. The deal is expected to close at the end of the year, subject to anti-trust approval.
Laurent Labatut, Chief Executive Officer of DRT, said, “With its compelling portfolio and impressive access to the US market, Pinova Inc. represents an ideal addition to our business. This acquisition complements our investment in our new production facility in Effingham County, Georgia, which will be fully operational in 2017. We see a lot of opportunities for growth as we combine our activities, providing more value to customers.”
Dr. Heinz-Jürgen Bertram, CEO of Symrise AG, added, “As part of our Scent & Care strategy, we sharpened our ingredients portfolio, putting a particular focus on solutions that are based on materials from renewable resources. The agreement signed with DRT brings strong benefits for all sides. For Symrise it unlocks resources, which allow us to advance expanding our fragrances activities while at the same time securing access to important raw materials. For Pinova Inc. the transaction opens additional prospects as the business will become a strong pillar of DRT, which will further drive its growth course and strengthen its foot print in the US market.”