Symrise has announced it has signed a purchase agreement for the acquisition of Wing Pet Food, a Chinese producer in pet food palatability enhancers.
Symrise will acquire 100% of Wing Pet Food in an effort to strengthen its market position in the areas of pet food palatability. Wing Pet Food’s portfolio will also extend Symrise’s access to the Asia/Pacific region (APAC). The 2020 annual sales of Wing Pet Food, formerly known as Wing Biotech, amounted to around €25M. The closing of the transaction is expected in Q2 2022. The purchase amount has not been disclosed.
Headquartered in Shanghai, Wing Pet Food is a supplier of pet food palatability, nutrition and pet food protection solutions. Symrise will extend its capabilities with Wing Pet Food’s state-of-the-art Research & Development center in Shanghai, two high-standard production sites strategically situated in the Chinese provinces of Jiangxi and Jiangsu as well as around 200 employees.
Yin Jun, CEO of Wing Pet Food, said, “I am very enthusiastic about this transaction. Our two organizations are fully complementary and joining forces will be mutually beneficial. After 15 years of establishing a solid position in the Chinese market, we will now take the next step in expanding our business.”
Wu Zhirong, deputy general manager in charge of operations, industrial development and procurement, said, “This is a milestone for Wing Pet Food and I am very confident about partnering with 2 Symrise. Combining our portfolios, our capabilities, and strong customer relationships will further strengthen our competitive position. We will be ideally positioned to make the best use of our growth opportunities in and outside China.”
Dr. Jean-Yves Parisot, president Flavor and Nutrition of Symrise, said, “The acquisition of Wing Pet Food is an excellent opportunity for Symrise to further strengthen its leading position in pet food and expand its footprint in the APAC region, where we see great growth potential. With this transaction, we extend our access to additional customers and further diversify our portfolio in the pet food application area. Our customers will particularly benefit from an enhanced value proposition in Taste, Nutrition and Health.”