Givaudan completes the acquisition of Drom
Strengthening leadership in the global fragrance market
Givaudan, the global leader in flavours and fragrances, announced on 6th September 2019 that it has completed the acquisition of Drom. Givaudan had announced that it had reached an agreement to acquire the company in July 2019.
Founded in 1911, Drom is a global perfume house creating fragrances for consumer products and fine fragrance customers across the world. Drom is headquartered near Munich in Germany and has manufacturing facilities in China, the USA and Brazil. The company employs 489 people globally.
Gilles Andrier, CEO of Givaudan said: “It is a very exciting day for Givaudan as we welcome Drom into the Givaudan family. The acquisition of Drom further asserts our leadership position in the fragrance market globally and is fully in line with our strategic ambitions. Like Givaudan, Drom has a long heritage in fragrance creation and their capabilities and strong culture will fit perfectly with ours. We are confident that our combined capabilities will deliver a compelling valuable proposition for our customers across segments and in key markets.”
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, thanks to their creativity and excellent service levels. The complementary nature of both businesses will further enhance our capabilities in serving customers across all segments and geographies.”
Ferdinand and Andreas Storp, Co-owners and Presidents of Drom, said: “We are very excited to have Givaudan as the new home for Drom. We are convinced that the combination with Givaudan represents an outstanding strategic fit and will allow Drom to further expand its customer reach and geographical footprint going forward.”
While terms of the deal have not been disclosed, Drom’s business would have represented approximately EUR 110 million of incremental sales to Givaudan’s results in 2018 on a proforma basis. Givaudan funded the transaction from existing resources.