TAGS: Perfumes & Fragrances
Givaudan announces the complete acquisition of Drom. Givaudan released a statement that in July 2019 it reached an agreement to acquire the company. The acquisition will strengthen the leadership of the company in the global fragrance market.
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.”
Drom is a global perfume house founded in 1911. It is headquartered near Munich in Germany and has manufacturing facilities in China, the USA and Brazil. The terms of the deal have not been disclosed. Givaudan funded the Drom’s business transaction from existing resources.
Source: Givaudan