Firmenich Successfully Completes Acquisition of DRT
GENEVA, May 28, 2020 /PRNewswire/ -- Firmenich International SA, a global leader in the Flavor & Fragrance industry, is pleased to announce the completion of its acquisition of Les Dérivés Résiniques et Terpéniques ("DRT"). DRT is a world leader in the development and supply of high quality, renewable and naturally-derived ingredients. This acquisition will see Firmenich become a key player in renewable ingredients for perfumery and beyond. Founded in 1932 and headquartered in Dax, France, DRT developed a unique, backward integrated business model over many decades, including access to sustainable raw materials, best-in-class extraction and distillation capabilities and advanced innovation processes.
"We are delighted to have closed this acquisition which will give us a significant competitive advantage moving forward," said Gilbert Ghostine, CEO, Firmenich. "This acquisition affirms our commitment to becoming a global leader in renewable ingredients as we meet the growing demand for sustainable products in Perfumery and beyond. Above all, we look forward to working with our long-time partners and welcoming all DRT employees to Firmenich."
DRT will further strengthen Firmenich's already leading Perfumery & Ingredients business, enabling the Company to offer its customers the world's best selection of renewable and sustainable ingredients. DRT will also bring new capabilities in health & nutrition, cosmetics, as well as a number of new markets, including adhesives, coatings and agriculture. The acquisition reinforces Firmenich's presence in France, its second largest market.
DRT has a turnover in excess of €550 million, employs more than 1,500 people around the world and operates through a global footprint with four production sites located in France, two in the USA, two in India and one in China.
Firmenich announced that it had entered into exclusivity with Ardian, Tikehau Capital and family shareholders to acquire the company on March 6, 2020. Consultation with the relevant employee representatives and the required customary approvals by the antitrust authorities have been obtained since then, and the acquisition has now closed.
About Firmenich
Firmenich is the world's largest privately-owned perfume and taste company, founded in Geneva, Switzerland, in 1895. Driven by its purpose to create positive emotions to enhance wellbeing, naturally, Firmenich has designed many of the world's best-known perfumes and tastes, bringing delight to over four billion consumers every day. Renowned for its world-class research and creativity, as well as its leadership in sustainability, each year, Firmenich invests 10% of its turnover in R&D to understand and share the best that nature has to offer responsibly. Firmenich had an annual turnover of 3.9 billion Swiss Francs at end June 2019. More information about Firmenich is available at www.firmenich.com.
About DRT
Founded in 1932, DRT specializes in the development of gum rosin and turpentine extracted from pine resin. DRT's head office is located in Dax, France and sells its products around the world. DRT has a diversified product portfolio of more than 300 ingredients addressing a variety of end markets. DRT operates 9 manufacturing facilities either directly or with joint venture partners. More information about DRT is available at www.drt.fr.
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