Givaudan Acquires Important Share Package in Naturex
Givaudan has announced that it has entered into an agreement to acquire 40.6% of the shares of Naturex, a French public listed company specializing in ingredient development, for a total consideration of EUR522m.
This agreement is subject to all of the appropriate regulatory approvals.
Givaudan intends to launch a mandatory cash tender offer for all remaining outstanding shares of Naturex, at a price of EUR 135 per share. The board of directors and management of Naturex are fully supportive of the transaction.
Naturex is an international leader in plant extraction and the development of natural ingredients and solutions for the food, health and beauty sectors. Naturex is headquartered in Avignon, France and reported sales of EUR 405 million in 2017, operates from 16 production sites around the world and employs 1,700 people.
Gilles Andrier, CEO of Givaudan said: “The acquisition of a significant shareholding in Naturex fits fully with our 2020 strategy to expand our offering to deliver natural products to our customers. Givaudan is the global leader in the space of natural flavors and Naturex further complements our capabilities with its strong portfolio of plant extracts and natural ingredients across the food and beverage, nutrition and health and personal care sectors. We look forward to working with the management and shareholders of Naturex in the coming months to secure their support for the acquisition.”
Olivier Rigaud, CEO of Naturex, commented: “This combination is supported by a strong strategic rationale with an ambition to become the leader in natural ingredients. We are proud to become part of GIVAUDAN and leverage the complementary capabilities for our customers.”
Louie D’Amico, president designate of Givaudan’s flavor division said: “Consumers around the world are increasingly demanding more natural and organic products from food and beverage companies. Naturex will be extremely complimentary to the acquisitions we have announced in this space over the last few years, namely Spicetec, Activ International, Vika and Centroflora Nutra.”