PARIS — Symrise has agreed to acquire Futura Labs Group, a flavors and fragrances manufacturer in Egypt and the United Arab Emirates.
This story first appeared in the November 19, 2009 issue of WWD. Subscribe Today.
Terms of the deal were not disclosed.
“With the acquisition of Futura Labs, Symrise is again emphasizing its focus on dynamic emerging markets,” stated Heinz-Jürgen Bertram, chief executive officer at Holzminden, Germany-based Symrise. “We are strengthening our presence in North Africa and the Middle East, which both have strong potential for further growth.”
Futura Labs is based in Cairo (where it owns development and production facilities) and is privately owned. It also has a production facility in Dubai. With revenues last year of $15.1 million, it is the leading local maker of flavors, emulsions and beverage compounds, extracts, seasonings and fragrances, according to Symrise.
Once the deal is sealed, as is expected in the first quarter of 2010, Futura Labs and Symrise’s existing operations in Egypt — a dynamic flavors market — will create the new market leader there, stated Symrise.
Futura Labs’ founder and majority owner Karim Greiss will continue managing the business after its integration.