New York-based International Flavors & Fragrances Inc. recently announced that it has agreed to acquire the privately-held fragrance company, Fragrance Resources. Financial terms of the deal were not disclosed.
As revealed, Fragrance Resources is recognized for its product line of specialty fine fragrances. The company serves its customers through its facilities in Germany, North America, France, and China.
International Flavors & Fragrances intends to fund the transaction through its existing resources. Completion of the transaction, anticipated in Jan 2017, is subject to fulfilment of customary closing conditions and regulatory approvals.
With the addition of Fragrance Resources, International Flavors & Fragrances expects to boost its fragrances businesses among faster-growing regional customers. The acquired assets are anticipated to generate incremental revenues of $75 million in 2017 as well as modestly boost earnings in the year.
We believe such acquisitions are consistent with International Flavors & Fragrances’ expansionary policy and its Vision 2020 business strategy. The company prefers to invest in acquisitions as a means to gain access to new customers, regions and technologies. A diverse portfolio and product mix, along with new business wins, should help it deliver solid results in the quarters ahead.
Source: Zacks
Temperature-controlled storage and logistic solution provider, Emergent Cold LatAm, has opened ‘Chile’s largest’ frozen food warehouse. Located in Talcahuano, a region renowned for its seafood and fruit production and exports, the warehouse represents a strategic enhancement of the local cold chain infrastructure.
Never Never gin will be sold through Asahi’s alcohol division, Carlton & United Breweries (CUB). According to the company, the acquisition – which won’t impact daily operations – will enable Never Never’s premium gin to reach a wider customer base while enhancing support and product offerings for existing customers.
Coca-Cola Europacific Partners (CCEP) announced today the forthcoming departure of Nik Jhangiani, senior vice president and chief financial officer, with plans underway to identify his successor. Jhangiani will be stepping down to assume the role of CFO at Diageo later this year.
