SWITZERLAND – Leading flavors and fragrance company, Firmenich has secured a deal to acquire 17% stake in French based flavor firm Robertet.
The swiss company reached the agreement with First Eagle Investment Management to acquire the stake held by its advisory clients in Robertet at a price of €683.30 per security.
Robertet produces a wide range of flavours for customers in the food industry, and operates 15 manufacturing sites around the world.
Commenting on the deal, Patrick Firmenich, Chairman of the Board of Firmenich said, “Firmenich has the greatest respect for Robertet, with its family values, long term vision of the industry and leading capabilities in natural ingredients.
“As a long-term oriented shareholder, this investment reflects Firmenich’s commitment to best support Robertet’s continued growth.”
Gilbert Ghostine, chief executive officer of Firmenich added, “With its strong naturals portfolio in Perfumery, Flavors and Ingredients, Robertet is well positioned to benefit from consumers’ continued demand for authentic natural products.
“This investment is fully in line with our vision for sustainable and natural solutions.”
Firmenich said that it is prepared to be a passive long-term shareholder of Robertet alongside the Maubert Family and welcomes discussions for a larger participation or establishing a broader collaboration to support the long-term success of the company.
“Firmenich may also consider taking a controlling interest in Robertet,” the company said in a statement.
At the United Nations Climate Week, Firmenich engaged with leading businesses and heads of state to accelerate the race for climate.
limiting the global temperature rise to 1.5°C, Firmenich is making its
inclusive capitalism business model work for the planet, supported by ambitious
“Stepping up leadership and measurable actions to tackle climate change is a necessity. Business, government and society need to shift gears and work together for exponential climate progress,” Ghostine said.
“With our science-based targets, we are making great inroads on our vision to be carbon neutral. For instance, today we operate exclusively with renewable electricity across Europe, North America and Brazil and are well on our way to achieving 100% worldwide by 2020.”
Advancing its ambitious sustainability goals, Firmenich was recognized as a global environmental leader this year, one of only two companies worldwide to have achieved “triple As” with CDP, in Climate, Water and Forestry.
This year, Firmenich also joined RE100, accelerating its commitment to 100% renewable power, alongside more than 194 of the world’s most influential companies.
Today, Firmenich’s sites throughout Europe, North America and Brazil operate with 100% renewable electricity and the Group is currently at 86% worldwide.