International Flavors and Fragrances Inc. is making a move into the cosmetics ingredients sector.

The New York-based flavors and fragrances company said Friday that it has inked a binding offer for Lucas Meyer Cosmetics, a business owned by Unipex Group.

Under terms of the offer, IFF will pay about 283 million euros, or $319.1 million at current exchange, which is to be funded by existing resources. It is expected the new company will add revenues of approximately 40 million euros, or $45.1 million, per year.

The deal is anticipated to close in the third quarter of this year.

Lucas Meyer Cosmetics, which is based in Quebec City, Canada, develops, produces and markets ingredients for the cosmetics and personal-care industries. These include active ingredients, functional ingredients and delivery systems addressing the beauty industry’s health and wellness trends.

Lucas Meyer Cosmetics also has operations in France and Australia.

“The company has a successful track record of delivering double-digit compounded annual sales growth since 2011 in a very attractive industry,” stated Andreas Fibig, IFF’s chairman and chief executive officer. “We believe that they will be an excellent complement to our existing portfolio and will strengthen our ability to achieve our Vision 2020 goals of accelerated growth and increased differentiation.”

“This [acquisition] will strengthen our product offerings and enable IFF to be one of our customers’ partners of choice in the very attractive skin-care and hair-care segment,” continued Nicolas Mirzayantz, group president of fragrances at IFF.

Morgan Stanley & Co. was IFF’s financial advisor, while Cleary Gottlieb Steen & Hamilton LLP acted as the company’s legal advisor.