In recent news, International Flavors & Fragrances Inc. has announced the company’s entrance into an agreement to acquire Fragrance Resources. The acquisition, funded by existing resources, is expected to bring nearly $75 million in revenue to IFF, though financial details of the transaction have yet to be released.
“IFF’s Vision 2020 business strategy is well-served with this highly-complementary bolt-on acquisition, helping us to win where we compete in key fragrance markets and categories as we look to accelerate growth,” stated Andreas Fibig, chairman and chief executive officer of International Flavors & Fragrances Inc. “With our shared values and a passion for our people, products, and customers, Fragrance Resources will be a strong addition to IFF.”
The deal is also expected to be mostly EPS accretive, both in 2017, excluding transaction costs.
Fragrance Resources is a family-owned, and privately-held, fragrance company. Founded in 1897, they have built a strong consumer base with production facilities in North America, France, Germany and China.
The transaction is expected to close in January of 2017, though both companies will operate as separate entities for the time being.