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Givaudan (Geneva) has signed an agreement with Imperial Chemical Industries PLC (ICI) to acquire Quest International for 1.2 billion pounds or around CHF 2.8 billion. The acquisition is in line with Givaudan’s strategy to focus on developing markets; it will strengthen Givaudan’s position and accelerate growth in Asia Pacific, Latin America, Eastern Europe, Africa and the Middle East. Givaudan expects to achieve annual synergies of CHF 150 million with full benefits to be realized after year three. The transaction is subject to regulatory approval, but Givaudan hopes completion will take place during the first quarter 2007.
Quest International was formed in 1905 and became a part of ICI in 1997 through an acquisition from Unilever. Headquartered in Naarden, the Netherlands, Quest had a turnover of 560 million pounds or approximately CHF 1.3 million in 2005. Quest currently employs around 3,400 people globally.
Of the acquisition, Givaudan CEO Gilles Andrier said, “Quest has regained momentum over the last three years thanks to the talent and commitment of its people. Thus, we are very excited to have this unique opportunity of creating an unrivalled industry leader, building on the strength, momentum and common values of both companies.”