Geneva-based Firmenich to merge with Dutch chemicals company
Swiss flavour maker Firmenich and Dutch company Royal DSM have agreed a deal to form a new fragrance giant.
The new company is expected to be a leader in nutrition, beauty and wellness products, according to a joint statement published on Tuesday.
Under the deal, which is conditional on approval from DSM investors, the Firmenich family will own about 34.5% of the new company, which will have a combined staff of about 28,000.
It is aiming for annual revenue of more than €11.5 billion (CHF11.9 billion) with dual headquarters in Switzerland and the Netherlands and be listed on the Euronext in Amsterdam.
The merger is due to be completed in the first half of next year.
Experts say the merger will try to challenge competitors including Swiss multinational Givaudan, which serves food giant Nestlé and luxury goods maker Richemont.
Firmenich is a privately owned company in the fragrance and flavour business and ranks number two worldwide in terms of market share. It has created perfumes for more than 125 years, according to the companyExternal link website.
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