BERLIN — Symrise AG said it has signed a binding agreement to purchase France’s Diana Group, a maker of natural-based flavors and food enhancers, with a focus on pet food, for 1.3 billion euros, or $1.8 billion at current exchange.
The acquisition of Diana Group, which is currently held by private equity firm Ardian, would make Symrise the world’s third largest fragrance and flavors company. It currently commands the fourth position.
Last year Diana Group reported sales of 425 million euros, or $588 million at average exchange. Symrise’s revenues in the period were 1.83 billion euros, or $2.5 billion.
According to Symrise, the two firms’ joint activities amount to pro-forma sales of nearly 2.3 billion euros, or $3.2 billion at current exchange.