Sensient Technologies Corporation to Sell Its Fragrances Business to Symrise
24 November 2020 - 3:00AM
Business Wire
Sensient Technologies Corporation (NYSE: SXT) announced today
that it has entered into a definitive agreement to sell its
fragrance business to Symrise AG. As part of the transaction,
Symrise will be acquiring Sensient’s aroma chemical and fragrance
compound production facility and headquarters in Granada, Spain.
The Company expects the transaction to be finalized in the first
half of 2021, following the receipt of antitrust and regulatory
approvals and other customary closing conditions.
Sensient previously announced the divestiture of its inks,
yogurt fruit preparations, and fragrances businesses. The Company
completed the divestiture of the inks and yogurt fruit preparation
businesses earlier this year. Upon completion of the sale of the
fragrances business, Sensient will operate with a more focused
portfolio of food and pharmaceutical colors, personal care,
flavors, extracts and flavor ingredients, and natural ingredients
for the food, pharmaceutical, and personal care markets.
“I am pleased that we have been able to execute on our plans to
focus our portfolio, and strengthen our position as an advanced
solutions provider of specialty ingredients for the food,
pharmaceutical, and personal care markets. Our product portfolio
provides significant opportunities for Sensient to grow, both
organically and inorganically,” said Paul Manning, Sensient’s
Chairman, President, and Chief Executive Officer. “We are pleased
to be able to transition this business to an industry leading
company that is committed to growing and investing in its future.
We will lend our full support to Symrise to ensure a successful
transition of our employees and customers.”
ABOUT SENSIENT TECHNOLOGIES
Sensient Technologies Corporation is a leading global
manufacturer and marketer of colors, flavors, and other specialty
ingredients. Sensient uses advanced technologies and robust global
supply chain capabilities to develop specialized solutions for food
and beverages, as well as products that serve the pharmaceutical,
nutraceutical, cosmetic, and personal care industries. Sensient’s
customers range in size from small entrepreneurial businesses to
major international manufacturers representing some of the world’s
best-known brands. Sensient is headquartered in Milwaukee,
Wisconsin.
www.sensient.com
ABOUT SYMRISE
Symrise is a global supplier of fragrances, flavorings, cosmetic
active ingredients and raw materials, as well as functional
ingredients. Its clients include manufacturers of perfumes,
cosmetics, food and beverages, the pharmaceutical industry and
producers of nutritional supplements and pet food. Headquartered in
Holzminden, Germany, the Group is represented in more than 100
locations in Europe, Africa, the Middle East, Asia, the United
States and Latin America. Symrise works with its clients to develop
new ideas and market-ready concepts for products that form an
indispensable part of everyday life.
www.symrise.com
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Amy Agallar (414) 347-3706
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