Firmenich to form joint venture with MG International

Perfume and taste company Firmenich has agreed to form a joint venture (JV) with Turkey-based MG International Fragrance Company.

Owned by the Gülçiçek family, MG International is a fragrance solutions provider to the customers across Turkey, the Middle East, Eastern Europe and Africa.

Firmenich chairman of the board Patrick Firmenich said: “It is an honour to welcome Mişel Gülçiçek and the entire MG International group to Firmenich, building on our long-standing business partnership for more than 50 years.”

Firmenich CEO Gilbert Ghostine added: “Our new partnership will combine unrivalled innovation and technology with deep local customer intimacy and consumer understanding, as well as giving us a strong supply chain base for faster speed-to-market across the region.”

MG International operates a centre in greater Istanbul, which includes an advanced 20,000m² manufacturing facility.

MG International Fragrance Company founder and chairman Mişel Gülçiçek said: “As an independent, family-owned business for 58 years, we are honoured to partner with the world’s largest privately held fragrance and flavour company.

“Firmenich is a true industry leader in both creativity and responsible business; we look forward to combining our artistry, innovation and technology to create positive emotions together.”

The two companies did not disclose the financial terms of the deal.

Gülçiçek family will retain a significant shareholding in MG International.

Following the completion of the transaction, MG International will retain its brand name and operate as Firmenich group member.

The transaction is expected to close early next year following the receipt of approval from regulatory authorities.