Givaudan paid a total of €522 million at €135 per share to buy out the stake in the France-based natural ingredients and food solutions provider.
Both companies have active portfolios that target the cosmetics and personal care industry, with Naturex expanding its footprint in that area with the development of its NAT Oleis oils for hair and skin care range as well as the Eutectys active ingredient range.
Givaudan’s 2020 strategy
The acquisition falls in line with the Swiss company’s 2020 strategy to strengthen it capabilities in natural ingredient solutions for its global customers.
Executives at Givaudan have made it clear that the initial stake the company has purchased will soon be followed up by a mandatory cash bid to buy up the remaining shares in the business, which will also be purchased at €135 per share.
It has also been stressed that there is nothing hostile in the nature of this bid, and that the board of directors and management of Naturex “are fully supportive of the transaction.”
Adding to the portfolio of natural ingredients
“Givaudan is the global leader in the space of natural flavours and Naturex further complements our capabilities with its strong portfolio of plant extracts and natural ingredients across the food and beverage, nutrition and health and personal care sectors,” said Gilles Andrier, CEO of Givaudan.
Headquartered in Avignon, south of France, Naturex currently has an annual turnover €405 million, operates 16 production sites around the world and has a staff of approximately 1,700 people.
“Naturex will be extremely complimentary to the acquisitions we have announced in this space over the last few years, namely Spicetec, Activ International, Vika and Centroflora Nutra,” said Louie D’Amico, President Designate of Givaudan’s Flavour Division.