Symrise is expanding market position in Brazil through acquisition of Citratus Fragrâncias Indûstria e Comércio Ltda
— Increase presence in strategically important growth market
— Citratus as a perfect fit to its local fragrance business in Brazil
— Additional access to local customers, production capacities and raw materials
Symrise Aromas e Fragrâncias Ltda is expanding its position in the dynamic Brazilian market and in the segment for small and medium-sized customers. Symrise and the current owners of Citratus have signed a purchase agreement with respect to all shares of Citratus Fragrâncias, a producer of fragrances located in Vinhedo, close to São Paulo.
Citratus is looking back to 26 years of very successfully serving the Brazilian market for small and medium-sized fragrance customers. It is running a modern development and production facility in the city of Vinhedo, only 45 minutes away from São Paulo. In addition it maintains sales representations throughout Brazil. Over the last decades Citratus has built well established business relations to fast growing, local customers in the fragrance industry as well as to important suppliers of natural fragrance raw materials. The Company can leverage existing production capacities to maintain its organic growth in the future. Citratus generated sales of about 12 million US dollars in 2016 and employs 86 people.
“Brazil is a growth engine in Latin America. We have been growing above average there for years, particularly due to fragrance applications,” says Achim Daub, Global President Scent & Care within Symrise Group. “The acquisition of Citratus is thus a logical step. It fully supports our strategy of increasing our presence and position in emerging markets. Through the acquisition Symrise will become the market leader for small and medium-sized customers. We will benefit from even better access to new customer groups, additional production capacities and further raw material supply.”
Symrise has been present in Latin America for more than five decades. The Group is serving its customers in Brazil through own production and creation facilities in greater São Paulo as well as in the Amazon region through its facility in Belém, Pará.
Both parties have agreed not to disclose financial details of the acquisition. Closing of the transaction is expected to take place in January 2018.
Symrise is a global supplier of fragrances, flavorings, cosmetic base materials and substances 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.
With sales of more than € 2.9 billion in 2016, Symrise is among the global leaders in the market for flavors and fragrances. Headquartered in Holzminden, Germany, the Group is represented with more than 90 sites in Europe, Africa and 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. Economic success and corporate responsibility are inextricably linked as part of this process. Symrise – always inspiring more ...
Phone.: +49 (0) 5531 90-1721
Phone.: +49 (0) 5531 90-1879