With this acquisition, Symrise expands its footprint in several large and attractive markets in this region and creates the new market leader in Egypt.
The acquisition is a significant step in expanding the presence of Symrise in Egypt, a fast-growing market with a population of 80 million, and in the dynamic Gulf region.
Dr Heinz-Jürgen Bertram, CEO of Symrise, said: “With the acquisition of Futura Labs, Symrise is again emphasising its focus on dynamic, emerging markets. We’re strengthening our presence in North Africa and the Middle East, which both have strong potential for further growth. Futura Labs has an attractive base of international and regional clients and adds valuable new products to our existing portfolio in this region. The transaction will enable us to expand our market share while at the same time leveraging synergies in sales and production.”
Symrise will acquire 100% of the shares of the Futura Labs Group. Both parties have agreed not to disclose the transaction price. The acquisition is subject to customary conditions and is expected to be closed in the first quarter of 2010.
The founder and current majority owner of Futura Labs, Dr Karim Greiss, will continue to manage the businesses following their integration into the Symrise Group.
Source: Symrise
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