IFF eyes Lucas Meyer Cosmetics with acquisition bid

International Flavors & Fragrances (IFF) has made a bid to acquire Lucas Meyer Cosmetics, in a move to expand into cosmetics ingredients business.

Based in Canada, Lucas Meyer Cosmetics offers proprietary active ingredients, functional ingredients and delivery systems for the cosmetics and personal care industry.

Lucas Meyer, a Unipex Group business, has operations in France and Australia.

IFF chairman and CEO Andreas Fibig said: "The addition of Lucas Meyer Cosmetics to the IFF portfolio aligns well with our strategic growth initiative to strengthen and expand our portfolio.

"The company has a successful track record of delivering double-digit compounded annual sales growth since 2011 in a very attractive industry. We believe they will be an excellent complement to our existing portfolio and will strengthen our ability to achieve our Vision 2020 goals of accelerated growth and increased differentiation."

Subject to exclusivity protection, the acquisition is expected to be completed in the third quarter of 2015.

With this investment, IFF will combine its fragrance expertise, global commercial network, leadership in natural ingredients, and R&D pipeline with Lucas Meyer Cosmetics’ research and cosmetics ingredients innovation.

Commenting on the acquisition, IFF Fragrances Group president Nicolas Mirzayantz said: "This will strengthen our product offerings and enable IFF to be one of our customers’ partners of choice in the very attractive skin care and hair care segment.

"We’re looking forward to welcoming Lucas Meyer Cosmetics’ employees to IFF."