NEW YORK -- International Flavors & Fragrances, the world's largest fragrance supplier, has entered into a joint venture with a Chinese company to build a factory in China.
IFF will own 80 percent of the new facility, which will be constructed in Zhejian province; Hangzhou Xin'anjiang, a Chinese perfumery company, will own the remaining 20 percent. The investment needed for the project is estimated by IFF at $20 million.
The new factory, which will be operated by the newly formed IFF (Hangzhou) Co., will have an initial yearly capacity of about 3,500 tons of ingredients used in perfumes and fragranced products.
IFF, which already operates two smaller production plants in China, will be the exclusive marketer outside China of products manufactured at Hangzhou.
"This completes a circle," said Eugene Grisanti, IFF's chairman. "It allows us to export our products from China, which in turn brings in the hard currency needed to import ingredients that the Chinese perfumers need."
Grisanti said the Chinese market has great growth potential, citing "an enormous need in China for fragranced soaps and toiletries."
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