ICI plc, parent of Quest International (Naarden, The Netherlands; Ashford, UK), has announced the purchase of Shaw Mudge & Co. (Shelton, CT). The amount of the deal, expected to be closed within 30 days, was undisclosed. The move indicates ICI’s desire to grow Quest, which in 2005 reported sales of 560 million pounds. Shaw Mudge & Co. 2005 sales reached $19 million, while its gross assets were valued at $3.6 million.
According to a company statement, “This acquisition is in line with ICI’s ‘grow aggressively’ strategy for its Quest fragrance business. It will support Quest’s important market position in hair care, open up opportunities at a select number of targeted customers and build on the company’s relationship with Procter & Gamble.”