Both Belmay’s product and customer portfolios complement the existing activities of Symrise’s Scent & Care division and support its plans for growth. While the acquisition strengthens Symrise’s business globally, it also adds specific value to the company’s growing presence in North America, which is Belmay’s core market.
The companies have agreed to keep the purchase price confidential.
The Belmay Group, headquartered in Yonkers, NY, is an established developer and manufacturer of fragrance creations, particularly in fine fragrances, cosmetics and air care. Belmay has been on a stable and profitable growth trajectory for years and generated fragrance sales of around $60 million in fiscal 2012. At the beginning of 2012, Symrise took over Belmay’s Brazilian fragrance business, which has been integrated into local operations successfully.
With this acquisition, Symrise is taking over Belmay’s entire existing fragrance customer and product portfolio, the expertise of its research and development department, qualified specialists as well as selected property, plant and equipment.
Belmay CEO Ted Kesten will continue to own his company known as Scent 2 Market, a design, development and supply chain management company in the air care segment. Symrise and Scent 2 Market (S2M) have entered into an exclusive supply agreement in which S2M will work closely with Symrise to satisfy its fragrance compound needs.
In other news, the Chinese State Food and Drug Administration (SFDA) has approved SymWhite 377 (INCI: Phenylethyl resorcinol) as an ingredient for cosmetic applications. The ingredient, which has an excellent safety profile and provides visible effects in less than 14 days, can improve the appearance of dull complexions, promoteclarity and brightness and provide beautiful, uniform skin tone. SymWhite377 can be used in a wide range of cosmetic applications such as face cream, BB cream, anti-dark spot cream for hands, post depilatory cream and deodorant.
More info: www.symrise.com