Founded in 1987, Fragrance Resources has facilities in Germany, North America, France and China.
“IFF’s Vision 2020 business strategy is well-served with this highly-complementary bolt-on acquisition, helping us to win where we compete in key fragrance markets and categories as we look to accelerate growth,” said IFF chairman and CEO Andreas Fibig. “With our shared values and a passion for our people, products, and customers, Fragrance Resources will be a strong addition to IFF.”
Accoridng to Nicolas Mirzayantz, group president, fragrances, the Fragrance Resources team has been a “key player in faster-growing specialty fine fragrances – an important growth category. The addition of this outstanding company into the IFF family will help us strengthen our position in strategic areas and further penetrate the critical and accelerating regional customer base that we see as the engine of growth. We look forward to welcoming the Fragrance Resources family into ours.”
The transaction is expected to add approximately $75 million in revenue according to IFF.
Financial terms of the deal have not been disclosed.
Until the transaction closes, which is expected to in January 2017, Fragrance Resources and IFF will operate as separate companies.