Givaudan announces closing of Quest International acquisition
The acquisition of Quest International, a division of ICI Plc, by Givaudan was closed 2 March 2007, after regulatory approvals were obtained in the U.S. and the European Community.
The acquisition was announced on 22 November 2006 at a price of CHF 2.8 billion. Quest shall extend Givaudan's leadership position in all strategic segments of the fragrance and flavour industry. Quest is one of the leading players in the global flavour and fragrance market with a turnover of GBP 588 million (approximately CHF 1,358 million) in 2006. Quest currently employs around 3,400 people.
Givaudan expects to achieve annual synergies of at least CHF 150 million with full benefits to be realised after year three. The acquisition is financed by CHF 1.9 billion of debt, the issuance of a mandatory convertible bond of CHF 750 million and cash. The addition of Quest will strengthen Givaudan's technology portfolio, by expanding the offerings of taste solutions for Health & Wellness and by adding flavour delivery systems. In Fragrances, Quest will complement Givaudan's customer portfolio and creative image in fine fragrances and in air care.
Other news from the department business & finance
