The deal was originally revealed to be in motion earlier this year and will come as no surprise to those close to the industry, but with all things complete now, as expected, Givaudan can now look ahead at making its mark with its new portfolio of cosmetics actives.
French firm Soliance has developed, produced and sold active ingredients to the cosmetic industry for 30 years and offers Givaudan a solid sustainable skin care option, particularly with its ingredients range derived from vegetable sources, microorganisms and microalgae.
Building portfolio
In turn, this will build on the existing Givaudan active cosmetic ingredients business and enhance its current portfolio offering.
"Soliance represents Givaudan's first acquisition since that of Quest. Its current portfolio of active cosmetic ingredients and strong process development and research capabilities fit well into the five strategic pillars of Givaudan," says Gilles Andrier, CEO of Givaudan.
While terms of the deal have not been disclosed, it is thought that Givaudan will fund the transaction from existing resources, and the Soliance operations would have represented approximately CHF 25 million (€20m) of incremental sales to Givaudan's results in 2013 on a proforma basis.
Significant contribution
"Soliance will become an integral part of the Fragrance Division and bring significant contributions over the next few years, with its capabilities in innovation and mastering of advanced technologies,” Michael Carlos, President of Givaudan's Fragrance Division.
“Soliance has a strong track record of identifying natural and unique molecules which can bring value to our customers and to their consumers."
Soliance currently has two sites in France, located in Pomacle and Ile Grande, and employs 96 people.