NEWS
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Givaudan acquires Amyris portfolio of biofermented ingredients
Givaudan is to buy a portfolio of biofermented cosmetic ingredients for its Active Beauty business from US firm Amyris. The ingredients include
Neossance Squalane emollient, Neossance Hemisqualane plant- based silicone alternative and CleanScreen sustainable sun protector. Givaudan and Amyris have
signed a long-term partnership agreement under which Amyris will continue to manufacture ingredients for Givaudan to use in cosmetics, as well as provide access to their innovation capabilities. Givaudan will become the
commercialisation partner for future sustainable beauty
ingredients. The deal aims to leverage
the value of Amyris’ technology platform for designing, scaling and manufacturing the “best performing” biofermented ingredients, said Givaudan. The terms include a
combination of an upfront cash consideration and a performance based earnout, along with a long term manufacturing agreement. Further details have not been
disclosed and Givaudan plans to fund the transaction from existing resources. Amyris’ active cosmetic
ingredients business would have represented approximately $30m of incremental sales to Givaudan’s results in 2022 on a pro forma basis.
“I am delighted about this
transaction, which fits perfectly with our 2025 strategic ambitions to develop our active beauty business while leveraging our biotechnology leadership in partnership with Amyris’ expertise,” said Maurizio Volpi, president of Givaudan Fragrance & Beauty. “In the future, we will continue
to push the boundaries of biotech, creating new sustainable innovations for a better beauty future,” he added. The planned transaction
remains subject to formal approvals from the relevant regulatory authorities and the transaction is expected to close in the first half of 2023.
Croda sales hit £2 billion as profits rise by 11%
Croda International recorded group-wide sales of £2.089 billion ($2.5 billion) in 2022 as pre-tax profit rose by 11.4% on a year earlier to £496.1m. The British company said
its Consumer Care division delivered a solid performance, with sales up 18% at £897.8m and adjusted operating profit 9% higher at £204.7m, albeit with margin diluted by lower volume and change in product mix. Growth remained robust in
the second half year across Asia, Europe and Latin America, partly offset by customer destocking that was particularly apparent in North America, it added. Croda noted its Beauty
Care and F&F grew faster than
sites, together with the closure of our Russia office. It is estimated that customer destocking has accounted for 5% of the volume decline, with 5% from demarketing and the balance from Russia and other impacts.” Looking ahead, Croda said it
the higher margin Beauty Actives business and divisional growth slowed in the second half of 2022. “Full year volume was 12%
lower than 2021, driven by two components. Firstly, destocking developed across our customers and the retail supply chain. Slowing
consumer sales led to destocking by customers in the second half of 2022, particularly in North America,” it said in a statement. “Secondly, volume was lower
due to selective demarketing of lower margin products due to capacity constraints in some Croda
expects the customer destocking that has been particularly apparent in North America to come to an end in the first half year, supporting continued sales growth this year in Consumer Care.
“2022 has been a milestone
year for Croda as we continued our transition to a pure play Consumer Care and Life Sciences business, said CEO Steve Foots.
DSM, Firmenich merger clears Commission hurdle
The proposed merger of Royal DSM and Firmenich has obtained unconditional competition clearance from the European Commission. This follows the clearance of
China’s State Administration for Market Regulation (SAMR) received on 16 February. Consequently, competition
www.personalcaremagazine.com
clearance has been obtained in nine out of the ten jurisdictions required to satisfy the offer conditions. The last competition clearance that is pending is from the Competition Commission of India (CCI). To accommodate the CCI’s decision, the acceptance period
Perfumery & Ingredients division. Ilaria Resta, who previously led
has been extended until no later than end of 11 April. In a related development, Firmenich has appointed a new leadership for its integrated
the company’s perfumery division, and joined the business in 2020, takes over as president. Amaury Roquette will take the
role of senior vice president for ingredients, taking over from Boet Brinkgreve.
April 2023 PERSONAL CARE
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