The company confirmed that it has bought the global operations of the business, which are concentrated on the development and manufacturing of fragrances and perfume oils.
Belmay’s operations are focused on the fine fragrance, personal care and air care segments, and Symrise says that the main motivation for the acquisition is the fact that the business portfolio will complement and strengthen its existing portfolio.
Belmay - international and North America customer base
While Belmay’s distribution is international, its main customer base is in the North America market, which in turn will help to further strengthen Symrise’s growing presence in that specific market.
Although the terms and cost of the acquisition were not revealed, Belmay, which was established 70 years ago recorded a turnover of $60m (€46m) in 2012 and is said to have had stable revenue and profit growth in recent years.
As part of the acquisition, the present company CEO for Belmay, Ted Keston, will continue to own and operate his air care business, Scent 2 Market, and has in turn entered into an exclusive supply agreement between the business and Symrise.
Expanding the product range and strengthening the portfolio
“This will expand our range of products in the area of fine fragrances considerably as well as enhance our expertise in the air care segment,” said Achim Daub, president of Symrise’s Scent & Care division.
“The transaction also provides us with the opportunity to leverage synergies, which will improve our competitiveness.”
At the beginning of last year Symrise acquired and integrated Belmay’s Brazilian fragrance operation into its business, which has now been successfully completed.