TETERBORO, N.J. — Symrise has entered into an agreement to acquire Pinova Holdings, Brunswick, Ga., a manufacturer of ingredients for the oral care, beverage and fragrance markets, for approximately $397 million. Ingredients manufactured by Pinova applicable to the food and beverage market is a focus on such ingredients as L-menthol, which, when used with other ingredients, creates a cooling effect.
“With the acquisition of Pinova Holdings, which owns the operating companies Pinova and Renessenz, we are taking a big step in the growth of our aroma molecules business,” said Heinz-Jurgen Bertram, chief executive officer of Symrise. “In view of the increasing importance of natural and renewable raw materials for the fragrance industry, the product range ideally complements our current portfolio.
“Pinova Holdings has recognized expertise and is very well positioned in that area. In addition, Pinova Holdings will broaden our portfolio of ingredients in oral care as well as some attractive new market segments. At the same time, the company will benefit from our global presence and sales structure as well as our R.&D. expertise.”
Pinova Holdings has manufacturing operations in three locations: Brunswick, Colonel’s Island, Ga., and Jacksonville, Fla. In fiscal year 2014, the company generated approximately $287 million in sales.