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Symrise AG has acquired Yonkers, NY-based fragrance manufacturer Belmay in order to expand its fragrance business with a focus on fine fragrances, personal care and air care.
While the company said the acquisition strengthens Symrise’s global business, it also adds value to the company’s growing presence in North America, which is Belmay’s core market. The companies have agreed to keep the purchase price confidential.
In fiscal 2012, Belmay generated fragrance sales of around $60 million. At the beginning of 2012, Symrise took over Belmay’s Brazilian fragrance business, which has been integrated into local operations.
“Symrise aims at profitable growth and continuously expands its activities in market segments that are growing dynamically. The market for air care products, for example, has been experiencing above-average growth for the past few years," said Heinz-Jürgen Bertram, Symrise's CEO. "This holds true on an international level and especially for North America, where demand for air care products is particularly strong. Belmay has a strong market position and has been operating profitably for years. With this acquisition, we are further enhancing Symrise’s profile and gaining access to exciting new customer groups,” he added.
With this acquisition, Symrise takes over Belmay’s entire existing fragrance customer and product portfolio, its research and development department, specialists as well as selected property, plant and equipment. Belmay's range of products is slated to expand in the area of fine fragrances and enhance its air care segment.
Belmay’s CEO, Ted Kesten, will continue to own his company known as Scent 2 Market, a design, development and supply chain management company in the air care segment. Symrise and Scent 2 Market have also entered into an exclusive supply agreement and S2M will work closely with Symrise to meet its fragrance compound needs.