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Sensient Technologies Corporation (NYSE: SXT) announced today that it has entered into a definitive agreement to sell its fragrance business to Symrise AG. As part of the transaction, Symrise will be acquiring Sensient’s aroma chemical and fragrance compound production facility and headquarters in Granada, Spain. The Company expects the transaction to be finalized in the first half of 2021, following the receipt of antitrust and regulatory approvals and other customary closing conditions.
Sensient previously announced the divestiture of its inks, yogurt fruit preparations, and fragrances businesses. The Company completed the divestiture of the inks and yogurt fruit preparation businesses earlier this year. Upon completion of the sale of the fragrances business, Sensient will operate with a more focused portfolio of food and pharmaceutical colors, personal care, flavors, extracts and flavor ingredients, and natural ingredients for the food, pharmaceutical, and personal care markets.
"I am pleased that we have been able to execute on our plans to focus our portfolio, and strengthen our position as an advanced solutions provider of specialty ingredients for the food, pharmaceutical, and personal care markets. Our product portfolio provides significant opportunities for Sensient to grow, both organically and inorganically," said Paul Manning, Sensient’s Chairman, President, and Chief Executive Officer. "We are pleased to be able to transition this business to an industry leading company that is committed to growing and investing in its future. We will lend our full support to Symrise to ensure a successful transition of our employees and customers."
ABOUT SENSIENT TECHNOLOGIES
Sensient Technologies Corporation is a leading global manufacturer and marketer of colors, flavors, and other specialty ingredients. Sensient uses advanced technologies and robust global supply chain capabilities to develop specialized solutions for food and beverages, as well as products that serve the pharmaceutical, nutraceutical, cosmetic, and personal care industries. Sensient’s customers range in size from small entrepreneurial businesses to major international manufacturers representing some of the world’s best-known brands. Sensient is headquartered in Milwaukee, Wisconsin.
Symrise is a global supplier of fragrances, flavorings, cosmetic active ingredients and raw materials, as well as functional ingredients. Its clients include manufacturers of perfumes, cosmetics, food and beverages, the pharmaceutical industry and producers of nutritional supplements and pet food. Headquartered in Holzminden, Germany, the Group is represented in more than 100 locations in Europe, Africa, the Middle East, Asia, the United States and Latin America. Symrise works with its clients to develop new ideas and market-ready concepts for products that form an indispensable part of everyday life.
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