Givaudan (Geneva) has announced the closing of the acquisition of Quest International, after regulatory approvals were obtained in the United States and the European Community. The acquisition was announced in November 2006 at a price of CHF 2.8 billion. Quest International is a leading company in the flavor and fragrance industry with a turnover of GPB 588 million (approximately CHF 1,358 million) in 2006. Quest currently employs around 3,400 people. Givaudan expects to achieve annual synergies of at least CHF 150 million with full benefits to be realized after year three. The acquisition is financed by CHF 1.9 billion of debt, the issuance of a mandatory convertible bond of CHF 750 million and cash.