After completing this year’s purchase of Albert Vieille in May and AmSilk‘s cosmetics division in April, Swiss manufacturer Givaudan today announced the acquisition of the German fragrance house Drom for an undisclosed sum.
Gilles Andrier, CEO of Givaudan, said: “The acquisition of Drom is very exciting for Givaudan as it further asserts our leadership position in the Fragrance market globally and is fully in line with our strategic ambitions.”
Maurizio Volpi, President of Givaudan’s Fragrance Division said: “Drom is a much respected international fragrance house that has developed a strong customer base, in particular with local and regional customers.”
Headquartered in Germany, Drom has factories in China, Germany, USA and Brazil and employs about 500 employees. The company’s business accounted for approximately € 100 million in sales in 2018, according to Givaudan.
Drom owners Ferdinand and Andreas Storp said they were “very excited” about the acquisition, adding that they were “convinced” that the combination would be “an excellent strategic fit that will allow Drom to further expand its customer reach and geographical footprint going forward.”
Givaudan plans to fund the transaction from existing resources. The planned acquisition remains subject to formal approvals from the relevant regulatory authorities and the transaction is expected to close in the third quarter of 2019.