Symrise scents says will buy Diana food for 1.3 bn euros
German company Symrise, specialising in scents and flavours for various industries, is to buy French food ingredient company Diana for 1.3 billion euros ($1.8 billion), expanding its reach in the food sector, a company statement said.
The deal will boost opportunities for Symrise in the fast-growing food and nutrition sector, enabling it to bring together two complementary businesses to compete with bigger players in the sector.
Scents and flavouring are key ingredients in many food products.
Private equity group Ardian, which bought Diana in 2007, said on Monday the deal would take the Vannes-based supplier of ingredients for the food and nutrition industry to a "new level of development as part of a solid and dynamic group".
Diana, a large supplier to the nutrition, food, pet food, aquaculture and cosmetics industries, has operations in 23 countries, and posted sales of 451 million euros last year.
"With Diana we will be able to significantly diversify our portfolio for natural ingredients, tap into new business segments (and) strengthen our raw material supply," chief executive Heinz Jurgen Bertram said in a statement.
The company said on Sunday it expected to complete the acquisition in the third quarter, pending approval from employees and the competition watchdog.
© 2014 AFP