CHINA: Givaudan has formed a joint venture with Zhejiang Xinhua Chemical Co., Ltd. for the production of fragrance ingredients in China.
This agreement is an additional step in Givaudan’s strategy to reinforce its position in developing markets to meet the growing demand in the region and improve its competitive position on a selected portfolio of products, according to the company.
“This joint venture is another step forward in our global strategy to get closer to customers in developing markets; Xinhua is perfectly positioned to partner with Givaudan in Asia Pacific,” noted Gilles Andrier, Givaudan CEO.
Some ingredients currently produced at existing Givaudan sites will be transferred to the joint venture. Transfers will be done progressively over the coming years alongside continued investment in the long-term competitiveness and continuous improvement of existing sites, the firm announced.