With this acquisition, Symrise said that it is taking another strategically important step towards sustainable growth in the fine fragrance, personal care and air care segment.
Both Belmay’s product and customer portfolios complement the existing activities of Symrise’s Scent & Care division and support its plans for growth. While the acquisition strengthens Symrise’s business globally, it is also said to add specific value to the company’s growing presence in North America, which is Belmay’s core market.
The companies have agreed to keep the purchase price confidential.
The Belmay Group, headquartered in Yonkers, New York, is an established developer and manufacturer of fragrance creations, particularly in the segments fine fragrances, cosmetics and air care. Belmay generated fragrance sales of around US$ 60 million in the 2012 fiscal year. At the beginning of 2012, Symrise took over Belmay’s Brazilian fragrance business, which has been integrated into local operations successfully.
“Symrise aims at profitable growth and continuously expands its activities in market segments that are growing dynamically,” said Dr. Heinz-Jürgen Bertram, CEO of Symrise. “The market for air care products, for example, has been experiencing above-average growth for the past few years. This holds true on an international level and especially for North America, where demand for air care products is particularly strong. Belmay has a strong market position and has been operating profitably for years. With this acquisition, we are further enhancing Symrise’s profile and gaining access to exciting new customer groups.”
In its 77-year history the Belmay Group has gradually expanded its operations and grown from being a North American business into an international company with sales markets in Europe, Latin America and Asia. With this acquisition, Symrise is taking over Belmay’s entire existing fragrance customer and product portfolio, its research and development department, qualified specialists as well as selected property, plant and equipment.
Belmay’s CEO, Ted Kesten, will continue to own his company known as Scent 2 Market, a design, development and supply chain management company in the air care segment. Symrise and Scent 2 Market have also entered into an exclusive supply agreement. In accordance with that agreement, S2M will work closely with Symrise to satisfy its fragrance compound needs.
“Belmay’s product and customer portfolio perfectly complements Symrise’s portfolio,” said Achim Daub, president of the Scent & Care division. “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. That allows us to serve our customers even better and more efficiently in the future. The transaction also provides us with the opportunity to leverage synergies, which will improve our competitiveness.”
