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Pinova Acquires LyondellBasell F&F Division
Posted: December 23, 2010
Pinova Holdings, Inc., the parent company of Pinova, Inc. (Brunswick, Georgia), announced that it has acquired LyondellBasell Flavors & Fragrances, LLC (LBFF) from LyondellBasell. Together, the combined companies will have sales of more than US$250 million and about 450 employees.
"We are very pleased to welcome LBFF into the Pinova family," said David Bookbinder, executive chairman of Pinova Holdings. "This is an excellent business with a long history of successful innovation, industry leading customers, a broad array of products, and experienced and dedicated employees. We plan to invest in LBFF and its people, just as we have done with Pinova, with the aim of generating growth by delighting our customers through innovation and outstanding service. We believe that LBFF is a great strategic fit including a similar natural and renewable raw material platform. In addition they embrace our commitment to community and employee involvement, safety and environmental responsibility."
LBFF will take on a new name, Renessenz, and will operate as an independent, sister company to Pinova. With manufacturing facilities and offices in Jacksonville, Florida and Brunswick, Georgia, Renessenz will continue to be led by its current management team.
"This is a very positive transaction for our employees, suppliers, customers and other stakeholders," said Michael Wimberly, vice president, flavors and fragrances, LyondellBasell Industries. "We are excited by this opportunity to grow our business and to continue to provide outstanding services to our global customer base. Pinova and Renessenz have strong business and personal relationships today and we look forward to growing with them."