Firmenich has announced the establishment of a joint venture with MG International Fragrance Company.
MG International’s founding Gülçiçek family will remain significant shareholders, and the company will maintain its brand name (while operating as a member of the Firmenich group). Financial terms of the transaction, which is expected to close in early 2020, have not been disclosed.
Firmenich CEO Gilbert Ghostine stated: “With our combined capabilities, Firmenich and MG International will now offer winning fragrance solutions and exemplary service for regional and mid-size local customers across Turkey, the Middle East, North Africa, Eastern Europe and the greater 'Stans'. Our new partnership will combine unrivalled innovation and technology with deep local customer intimacy and consumer understanding, as well as giving us a strong supply chain base for faster speed-to-market across the region.”
“As an independent, family-owned business for 58 years, we are honored to partner with the world's largest privately held fragrance and flavor company,” added Mişel Gülçiçek, founder and chairman, MG International Fragrance Company. “Firmenich is a true industry leader in both creativity and responsible business; we look forward to combining our artistry, innovation and technology to create positive emotions together.”