DAVY VIEW

Symrise has announced the acquisition of the fragrance business unit (revenues €77m) of listed US player Sensient Technologies overnight. The acquisition plays to the trends of naturals and renewable raw materials for fragrance ingredients, an area which allows Symrise to expand its ‘green chemistry’ value chain. This deal follows Croda’s acquisition of fragrance producer Iberchem last week – two transactions which highlight the demand for high-growth fragrance ingredients, particularly assets well placed to adapt to sustainability trends and with access to emerging markets. We anticipate further deals in the space.