Givaudan acquires British perfume business Fragrance Oils
today Aug 21, 2019
The Swiss group Givaudan, a world leader in fragrances, continues with its acquisitions drive with its purchase of the British perfume and scents manufacturer Fragrance Oils. Givaudan announced the acquisition on Wednesday, without disclosing the details of the transaction.
This acquisition will allow Givaudan to strengthen its position in the local and regional market, the Geneva-based group said in a statement.
Founded in 1967, the British business Fragrance Oils manufactures scents used in the perfume industry as well as in personal care and household cleaning products. The business’ production site is located in Radcliffe, northwest of Manchester, and it employs over 250 people and exports its products to over 90 countries, according to Givaudan.
Although the value of the acquisition transaction has not been disclosed, it represents an additional annual turnover of approximately £50 million ($60.7 million) for the business, based on Fragrance Oils’ 2018 financials on a pro forma basis.
Last year, Givaudan reported a turnover of 5.5 billion Swiss francs, of which 2.5 billion Swiss francs came from its perfume business.
“The acquisition of Fragrance Oils is another step towards expanding our capacity to serve our local and regional customers,” said Givaudan’s CEO Gilles Andrier.
Following a long pause in its external growth operations, Givaudan has increased its number of small-scale acquisitions since its 2014 takeover of the French business Soliance. This acquisition had enabled Givaudan to strengthen its position in the cosmetics ingredients sector.
In 2018, the business made a large-scale acquisition with its takeover of the French business Naturex as it also continued making small-scale acquisitions.
Notably, Givaudan has acquired the French businesses Expression Parfumées and Albert Vieille. At the end of July, the business also announced its acquisition of the German perfume business Drom.
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