Strong expansion of UK business. Acquisition supports growth strategy
Symrise GmbH & Co. KG in Holzminden, Germany, is one of the world's leading manufacturers of flavors and fragrances. The company is now continuing to expand its international business activities in the field of flavors. As of 31st of March 2005, Symrise will acquire the British flavor manufacturer Flavours Direct in Corby, England.
With the acquisition of Flavours Direct, Symrise is strengthening its position in Great Britain and Ireland making the company one of the foremost suppliers of savory flavors in Great Britain, the largest market for snacks and savory convenience foods in Europe. Currently growing at a rate of over four percent, these products are also experiencing higher than average growth rates in the regions of Europe/Africa/Middle East (EAME), Asia Pacific and South America. Flavours Direct will link Symrise even more closely with the key markets in the EAME region and clients there. To date, Symrise has been represented in the UK by its subsidiary in Marlow.
"The Flavours Direct acquisition supports our global strategy by building on our core competencies in the UK market. This company has been well run and will prove to be a real asset for Symrise," said Andrei Mikhalevsky, Global President of Flavors at Symrise. The acquisition consolidates Symrise's position as the third-largest provider of innovative flavors worldwide.
Founded in 1998, Flavours Direct currently has 38 employees and will continue to trade under its current name as a UK subsidiary of Symrise. In 2004, it yielded annual sales of around 10 million euros.
"We are all very excited about the venture", said Steve Redfearn, Managing Director Flavours Direct. "We believe that this acquisition will bring important benefits to Flavours Direct, coupling our expertise in flavor design and unrivalled customer service with Symrise's technology."
Flavours Direct in Corby works with modern and efficient blending and production facilities. As part of the European Symrise production network, it will be able to respond flexibly to the needs of a dynamic market. "The team at Flavours Direct has outstanding expertise in the field of flavor design and application", states Heiner Schaper, president of EAME flavors. "The close contacts the company has to its clients will help Symrise consolidate its standing with the major players in the UK's food industry. We will be able to benefit from our growth potential in a consistent manner so that we continue to expand our market leadership in Europe."