IFF completes Fragrance Resources acquisition

International Flavors & Fragrances (IFF) has completed the acquisition of Fragrance Resources following clearances from relevant regulatory authorities.

In November, IFF announced it had entered into the agreement and that the deal was expected to add around $75m in revenue. Funded from existing resources, the deal was also expected to be modestly earnings per share (EPS) accretive, excluding transaction costs.

IFF's chairman and chief executive officer Andreas Fibig said: “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.

“With our shared values and a passion for our people, products, and customers, Fragrance Resources will be a strong addition to IFF.”

Founded in 1987, Fragrance Resources develops specialty fine fragrances. The firm has facilities in Germany, North America, France, and China. It is expected that the acquisition will boost IFF's position in strategic areas and help target the regional customer base.

International Flavors & Fragrances develops products across various categories such as fine fragrances, beauty, detergents, household goods, food, and beverages.

With 6,700 employees, the firm focuses on consumer insights, research and development, creative expertise, and customer intimacy to create offerings for consumer products.

Financial details of the acquisition have not been disclosed.

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Image: IFF headquarters in New York, US. Photo: courtesy of IFF.