Geneva, Switzerland – Firmenich announced on March 6 that it has agreed to acquire Les Dérivés Résiniques et Terpéniques (“DRT”).
DRT is a producer of plant-based chemistry, mainly from pine trees, and is one of the largest suppliers globally of renewable ingredients.
“I am thrilled to bring DRT’s unique capabilities for developing sustainable ingredients to Firmenich. This proposed combination builds on our business partnership of more than 30 years and our established track record of successful co-development in a long-standing joint venture,” said Patrick Firmenich, Chairman of the Board, Firmenich.
“DRT would further strengthen our leading Perfumery & Ingredients business enabling us to offer our customers the world’s best palette of renewable and sustainable ingredients,” said Gilbert Ghostine, CEO, Firmenich. “DRT would bring new capabilities in health & nutrition, cosmetics, as well as a number of new markets, including adhesives, coatings and agriculture. This acquisition reinforces our presence in France, which is our second largest market where we have been established for more than 120 years.”
DRT develops renewable and naturally-derived ingredients from terpenes and rosin derivatives.
DRT has a turnover in excess of €550 million, employs more than 1,500 people around the world and has four production sites located in France, two in the USA, two in India and one in China.
Financial terms of the deal have not been disclosed.
The proposed transaction remains subject to several conditions including the consultation of the relevant employee representatives and customary approvals by the antitrust authorities.