(Adds details, background)Sept 1 (Reuters) - German flavour and fragrance maker Symrise plans to double annual sales at its pet food ingredient unit in the medium term as the pandemic fuelled an industry boom, the company’s chief executive told Reuters in an interview published on Wednesday.
Symrise entered the pet food business in 2014 with its 1.3 billion euro ($1.54 billion) takeover of Diana Group and periodically added new acquisitions such as that of ADF/IDF, a U.S. maker of ingredients for dog and cat food, in 2019.
“We will invest in pet food additives as a priority and continue to grow there without a question,” Chief Executive Heinz-Juergen Bertram said.
At the same time, there are still areas where the company can expand such as its cosmetic ingredients business, Bertram said, adding Symrise regularly looks at five to ten acquisition candidates.
Earlier on Wednesday, the company announced it was buying a 25% stake in Kobo, a maker of ingredients for sun protection and colour cosmetics.
Symrise, Diana Group, “, Heinz, Juergen Bertram, ” Bertram, Bertram, Zuzanna Szymanska, Kirsti Knolle, Louise Heavens
Reuters, Diana, ADF