PARIS — German flavor and fragrance manufacturer Symrise has snapped up two U.S. fragrance suppliers that specialize in scents for the home.
With the acquisitions of Teterboro, N.J.-based Manheimer Fragrances and Intercontinental Fragrances of Houston, which were announced Friday, Symrise aims to bolster its position among the leading home fragrance, or air care, businesses in North America. The Holzminden, Germany-based firm also said it plans to open a global air care center at an unspecified location in the U.S. next year.
Symrise agreed to acquire Manheimer, which had annual sales of $40 million last year, on Thursday. It reached a deal earlier this month for Intercontinental, whose annual sales last year were $16 million.
“One of our declared goals is to further expand our market position in the U.S. — through both organic growth and strategic acquisitions,” stated Achim Daub, the firm’s global president of scent and care. “The two recent acquisitions will significantly strengthen our position on the increasingly important U.S. air care market. This market segment will also have a high priority for us on a global level.”
The North American air care market, which includes air fresheners and scented candles, is worth $300 million overall, according to the company.
Symrise generated sales of 1.27 billion euros, or $1.74 billion at average exchange, last year. The firm, which expects the Manheimer deal to close at the end of next month, said it sees the acquisitions adding about $12 million to group sales this year. The integration of the two companies is expected to be completed in the first half of next year, and is to be accretive to group earnings for 2009.
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