Firmenich Moves to Majority Ownership of ArtSci to Capitalize on High-Growth Chinese Taste Market
GENEVA, May 2, 2022 /PRNewswire/ — Firmenich, the world’s largest privately-owned fragrance and taste company, today announces that it has increased its equity stake in strategic partner ArtSci Biology Technologies (Hangzhou) Co., Ltd (“ArtSci”) moving to majority ownership, subject to registration by local authorities. ArtSci and Firmenich have been strategic partners since 2019, when Firmenich took a minority equity stake. This move will further strengthen Firmenich’s ability to serve the rapidly growing Chinese local market and extend its geographic reach across China. ArtSci will continue to operate as normal, with its management team remaining in place and fully committed to serving ArtSci customers.
“Firmenich is committed to investing and growing in China following our decades’ long commitment to this key market,” said Gilbert Ghostine, CEO, Firmenich. “I am delighted to announce that we have moved to majority ownership of ArtSci in our established strategic partnership, which will open up new avenues of growth as we continue to combine ArtSci’s intimate understanding of Chinese customers, geographic reach and agility, with Firmenich’s innovation capabilities, consumer insights and unparalleled product quality.”
“We are proud of the achievements of our strategic partnership with ArtSci, which combines their local expertise and agile business model with our industry-leading technology, creation and manufacturing,” said Paul Andersson, President, Firmenich China, “ArtSci is a dynamic and entrepreneurial company, and we are excited to move to the next phase of our partnership to better serve the rapidly growing Chinese market.”
“Firmenich is a highly valued strategic partner, and we look forward to the next step in our journey, as we continue to work with them and combine our passion for innovation and customer service, to meet the evolving needs of consumers in China,” said Wang Ying, Chairman, ArtSci.
China is a key strategic market for Firmenich, with compelling structural dynamics that will drive future growth opportunities for the Group. Firmenich has been investing consistently for more than 30 years to expand its footprint and capabilities in China. Recent investments include Firmenich’s largest flavor manufacturing plant in the world, opened in Zhangjiagang in 2019, and the company’s first sensorial co-creation center in Guangzhou, opened in 2021, to respond with agility to local customer demands for tailored fragrance and health-conscious taste solutions. Firmenich has a nationwide presence of commercial facilities, with application laboratories in Shanghai, Beijing, and Guangzhou, manufacturing facilities in Shanghai, Kunming and Zhangjiagang, and a major research center in Shanghai.
Firmenich, the world’s largest privately-owned fragrance and taste company, was founded in Geneva, Switzerland, in 1895, and has been family-owned for 126 years. Firmenich is a leading business-to-business company specialized in the research, creation, manufacture and sale of perfumes, flavors and ingredients. Renowned for its world-class research and creativity, as well as its leadership in sustainability, Firmenich offers its customers superior innovation in formulation, a broad and high-quality palette of ingredients, and proprietary technologies including biotechnology, encapsulation, olfactory science and taste modulation. Firmenich had an annual turnover of 4.3 billion Swiss Francs at end June 2021. More information about Firmenich is available at www.firmenich.com.
Founded in 2005 and headquartered in Hangzhou, Zhejiang Province, ArtSci is a Chinese taste company specialized in dairy and beverages, as well as bakery and confectionery. With more than 130 employees, it serves China’s middle market with a broad distribution network across China.
Logo – https://www.businessupturn.com/wp-content/uploads/2022/05/firmenich-moves-to-majority-ownership-of-artsci-to-capitalize-on-high-growth-chinese-taste-market-1.jpg
Disclaimer: The above press release comes to you under an arrangement with PR Newswire. Business Upturn takes no editorial responsibility for the same.