Firmenich announced it has reached an agreement to acquire Turkish MG International Fragrance Company.
WHO: Turkish MG International was founded in 1961 by Mişel Gülçiçek, a pioneer in the region providing services to over 72 countries and supplying fragrance compositions and ingredients to nearly 4,000 manufacturers worldwide including the domestic market. MG International operates a world-class, high-concept creation center in Istanbul, where customers are welcomed into one of the most innovative environments in the fragrance industry globally. The center also includes a state-of-the-art, 20,000-square-meter manufacturing facility that services mid-size customers across Turkey, the Middle East, Eastern Europe, and Africa.
Firmenich is the world’s largest privately-owned perfume and taste company, founded in Geneva, Switzerland, in 1895. Renowned for its world-class research and creativity, as well as its leadership in sustainability, each year Firmenich invests 10% of its turnover in R&D to understand and share the best that nature has to offer responsibly. Firmenich had an annual turnover of 3.9 billion Swiss francs at the end of June 2019.
IN THEIR OWN WORDS: Patrick Firmenich, Chairman of the Board, Firmenich, states: “It is an honor to welcome Mişel Gülçiçek and the entire MG International group to Firmenich, building on our long-standing business partnership for more than 50 years. We share the same passion for creative perfumery, a common culture of lasting relationships with our customers, and enduring family values caring for our people and the planet.”
“As an independent, family-owned business for 58 years, we are honored to partner with the world’s largest privately held fragrance and flavor company,” explains Mişel Gülçiçek, founder and Chairman, MG International Fragrance Company. “Firmenich is a true industry leader in both creativity and responsible business; we look forward to combining our artistry, innovation and technology to create positive emotions together.”
Gilbert Ghostine, CEO, Firmenich, says, “With our combined capabilities, Firmenich and MG International will now offer winning fragrance solutions and exemplary service for regional and mid-size local customers across Turkey, the Middle East, North Africa, Eastern Europe and the greater ‘Stans’. Our new partnership will combine unrivaled innovation and technology with deep local customer intimacy and consumer understanding, as well as giving us a strong supply chain base for faster speed-to-market across the region.”
“We are bringing two great perfumery legacies together to expand the MG International ‘Made in Turkey’ label,” says Aslan Gülçiçek, CEO, MG International Fragrance Company. “Our combined resources will help us deliver creative and innovative fragrances for customers in both fine fragrance and body & home care across Turkey, the Middle East, Africa and neighboring markets.”
- Firmenich entered into a joint venture with MG International.
- The Gülçiçek family will remain significant shareholders in MG International.
- Upon closing, MG International will operate as a member of the Firmenich Group, maintaining its brand name.
- Financial terms of the deal have not been disclosed.
Photo: via PR Newswire