Symrise and the current owners of Citratus have signed a purchase agreement with respect to all shares of Citratus Fragrâncias Indûstria e Comércio Ltda, a producer of fragrances located in Vinhedo, close to São Paulo, Brasil.
Citratus has been serving the Brazilian market for small and medium-sized fragrance customers for 26 years. The company generated sales of about 12 million US dollars in 2016 and employs 86 people. According to Symrise, Citratus can leverage existing production capacities to maintain its organic growth in the future.
“ Brazil is a growth engine in Latin America. We have been growing above average there for years, particularly due to fragrance applications,” says 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.”
The financial details of the transaction, which is expected to be closed in January 2018, have not been disclosed.
