PARIS — Givaudan will acquire a 40.6 percent stake in Naturex, the French natural flavors maker, for 522 million euros, and plans to launch a cash tender offer for the outstanding stake at 135 euros per share, the company said on Monday.
The Vernier, Switzerland-based fragrance and flavors maker explained the deal is part of its 2020 strategy to strengthen capabilities in natural flavor solutions.
Givaudan in a statement called Naturex “an international leader in plant extraction and the development of natural ingredients for the food, health and beauty sectors.” The Avignon, France-based company posted sales of 405 million euros in 2017, operates from 16 production sites globally and has 1,700 employees.
Naturex has been listed on the Paris stock exchange since 1996.
“Givaudan is the global leader in the space of natural flavors, and Naturex further complements our capabilities with its strong portfolio of plant extracts and natural ingredients across the food and beverage, nutrition and health, and personal-care sectors,” said Gilles Andrier, chief executive officer of Givaudan.
“Naturex will be extremely complementary to the acquisitions we have announced in this space over the last few years, namely Spicetec, Activ International, Vika and Centroflora Nutra,” said Louie d’Amico, president designate of Givaudan’s flavor division.
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As reported, Givaudan’s net profit advanced 11.7 percent in full-year 2017 to 720 million Swiss francs, or $770 million, spurred by strong sales growth in the fourth quarter.
The company posted sales of 5.05 billion Swiss francs, up 8.3 percent versus 2016. Revenues gained 4.9 percent on a like-for-like basis.