Symrise to Sell its Pinova Inc. Division to DRT (DRT Holdings Inc) for USD150 million

United States: Symrise AG and DRT have signed an agreement regarding the acquisition of Pinova Inc., one of the leading manufacturers of resins and chemical intermediates, which is headquartered in Georgia, USA. According to the agreement, DRT will acquire Pinova Inc. which would diversify the portfolio of DRT’s industry applications along with the addition of Brunswick manufacturing site from Symrise. The purchase price decided for Pinova Inc. is USD150 million. Symrise and DRT have also agreed on a co-operation for product development projects and supply of strategic raw materials.

Pinova Inc.  is manufacturing firm which produces application derived from pine stump wood and other natural resources for customers across the globe. The portfolio of the company consists of rosin, sensory ingredients, and polyterpene resins. These products are used in application such as construction, adhesives, beverages, and coating as well as rubber and tires for the automotive industry.

According to TechSci Research, the acquisition of Pinova Inc., by Symrise.  Pinova Inc. was one of the operating entities of American Pinova Holding Inc. in 2015. The major activities of the Pinova Holdings formerly known as Renessenz entity,  is manufacturing of ingredients for fragrance and oral care products as well as other application in food and beverages. After the acquisition by Symrise, Pinova Inc. was fully integrated into Aroma Molecules division of Symrise’s scent and care segment. Furthermore, with an agreement between Symrise and DRT, this will be a beneficial step for Symrise, this will help the company to unlock resources, expand their fragrance activity and access to raw material. This transaction will also be an added advantage for DRT, which will help drive the growth of the company and strengthen its core activities in the USA.