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Symrise-Futura Deal Yields Leading Position in Egyptian Market
Posted: November 18, 2009
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Seeking expansion into North Africa and the Gulf region, and a leading position in the Egyptian market, Symrise (Holzminden Germany) has acquired natural extract and flavor and fragrance producer Futura Labs Group (Dubai, UAE; Sixth of October City, Egypt). Futura posted 2008 sales of $15.1 million and provides Symrise with beverage specialties and local expertise for the regional market. The activities of the two companies will be integrated, headed by Futura owner Karim Greiss. Details of the sale have not been disclosed and will be closed in the first quarter of 2010. The move follows a report that Symrise experienced sales growth in the region during the third quarter.
Of the purchase, Symrise CEO Heinz-Jürgen Bertram said, “With the acquisition of Futura Labs, Symrise is again emphasizing its focus on dynamic emerging markets. We are strengthening our presence in North Africa and the Middle East which both have strong potential for further growth. Futura Labs has an attractive base of international and regional clients and adds valuable new products to our existing portfolio in this region. The transaction will enable us to expand our market share while at the same time leveraging synergies in sales and production.”