|Giles Andrier, CEO of Givaudan|
“This acquisition fits with our 2020 strategy to expand our offering to deliver integrated solutions where flavor and taste play a key role,” said Gilles Andrier, CEO. “Spicetec brings complementary capabilities to Givaudan with its strong portfolio of spices, seasoning blends and natural solutions. We are delighted to welcome Spicetec’s employees to Givaudan; our high cultural fit will contribute greatly to a successful integration.”
Once completed, the transaction is expected to add approximately $185 million in sales to Givaudan on a full year basis, according to the company.
|Mauricio Graber, president of Givaudan's flavor division|
“Combining Givaudan’s leading flavor expertise with Spicetec’s portfolio of products will enable us to deliver a broader range of solutions to our customers in processed meats, savory retail and food service,” said Mauricio Graber, president of the company’s flavor division. “Furthermore, these additional capabilities will help us strengthen the breadth of our industry leading natural ingredients, flavor and taste solutions.”
Givaudan said it plans to fund the transaction from existing resources. The deal is expected to close in the next 60 to 90 days.
|Sean Connolly, president and CEO of ConAgra|
“We are committed to becoming a more focused and higher performing company in order to drive greater shareholder value,” said Sean Connolly, president and CEO of ConAgra Foods. “Divesting Spicetec is the latest action we have taken that will allow ConAgra Foods to invest resources into our core product portfolio to drive sustainable growth.
“We truly appreciate the contributions of the Spicetec employees and look forward to having an ongoing relationship with them as a key supplier to ConAgra Foods.”