In Switzerland, flavor and fragrance major Firmenich has agreed to acquire renewable ingredients firm Les Dérivés Résiniques et Terpéniques from Ardian, Tikehau Capital and family shareholders. DRT is a world leader in plant-based chemistry, mainly from pine trees.
“DRT would further strengthen our leading Perfumery & Ingredients business enabling us to offer our customers the world’s best palette of renewable and sustainable ingredients,” Gilbert Ghostine, CEO, Firmenich, said in a press statement. “DRT would bring new capabilities in health & nutrition, cosmetics, as well as a number of new markets, including adhesives, coatings and agriculture. This acquisition reinforces our presence in France, which is our second largest market where we have been established for more than 120 years.”
Founded in 1932 and headquartered in Dax, France, DRT developed backward-integrated business model, including access to sustainable raw materials, extraction and distillation capabilities and advanced innovation processes. It has annual sales over €550 million ($630 million), employs more than 1,500 people and operates 9 production sites spread over France, the United States, India, and China.
Financial terms of the deal have not been disclosed. The proposed transaction remains subject to several conditions including the consultation of the relevant employee representatives and customary approvals by the antitrust authorities.