News
Symrise strengthens Brazil presence with acquisition
12 Dec 2017Symrise is expanding its position in the Brazilian market with the acquisition of Citratus Fragrâncias, a producer of fragrances located in Vinhedo, close to São Paulo.
Symrise is expanding its position in the Brazilian market with the acquisition of Citratus Fragrâncias, a producer of fragrances located in Vinhedo, close to São Paulo.
Citratus has been in business 26 years, serving the Brazilian market for small and medium-sized fragrance customers. The company generated sales of about $12 million in 2016 and employs 86 people.“Brazil is a growth engine in Latin America. We have been growing above average there for years, particularly due to fragrance applications,” said Achim Daub, Global President Scent & Care within Symrise Group. “The acquisition of Citratus is thus a logical step. It fully supports our strategy of increasing our presence and position in emerging markets. Through the acquisition Symrise will become the market leader for small and medium-sized customers. We will benefit from even better access to new customer groups, additional production capacities and further raw material supply.”Symrise has been present in Latin America for more than five decades. The group servies its customers in Brazil through its own production and creation facilities in greater São Paulo as well as in the Amazon region through its facility in Belém, Pará.Both parties have agreed not to disclose financial details of the acquisition. Closing of the transaction is expected to take place in January 2018.