Swiss flavours company Givaudan has signed an agreement to acquire International Bioflavors - a leading US producer of natural cheese and dairy flavours.
In a statement today, Givaudan maintained that IBF was a strategic fit for the company "as it adds new and complementary technologies to Givaudan's rich portfolio and strengthens further Givaudan's market position in savoury flavours".
In addition to dairy flavours, IBF supplies ingredients for savoury products such as snacks, sauces and soups. Since 1990 the US company - with estimated annual sales of $11.5 million in 2002 - has developed natural, complex type flavourings like cheese, butter and cream. The company later extended its expertise in the application of enzymatic catalysis to the production of dairy and non-dairy building blocks for flavour development.
Givaudan will pay US$21 million (€20.5m) in cash.