IFF expands its perfume portfolio
International Flavors & Fragrances (IFF), a leading fragrance and food flavour producer, will acquire Fragrance Resources, a company specialised in perfume creation that currently operates in Germany, France, China and North America. The value of the transaction, which should be closed in January 2017, has not been revealed, but IFF stated that the acquisition is expected to add a further $75 million to the group's revenue.
"Since 1987, Fragrance Resources has been a key player in fine perfumery, a high-growth market. Its integration within IFF will help us strengthen our position on strategic markets, and penetrate further and more quickly those regional markets that are crucial to our growth," explained Nicolas Mirzayantz, the President of IFF's Fragrance division.
IFF has a worldwide staff of 6,700 and generates an annual revenue of $3 billion.
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