Swiss Flavor Maker Givaudan Weighs Entry Into Pet Food Market [BNN Bloomberg (Canada)]
SYMRISE AG UNSP/ADR (SYIEY)
NASDAQ:AMEX Investor Relations:
symrise.com/investors
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Source: BNN Bloomberg
“People spend more money on pets than kids nowadays,” Chief Executive Officer Gilles Andrier said in an interview. The sector's “spectacular growth,” has benefited rivals Symrise AG and Nestle SA, which both have significant pet food exposure, he added. An acquisition of a maker of pet food ingredients could help give Givaudan “a foot in the space, a starting point,” Andrier said. However, he noted that it can be hard to find the right targets in a highly competitive market. Zurich-listed Givaudan makes various ingredients and scents that are used in a wide range of household and personal care products, as well as food. The 40 billion Swiss franc ($47 billion) group's skin cream and make-up division, which has been expanding through acquisitions as well as organically, provides components such as antioxidants, surfactants and oils used by large cosmetic companies, including L'Oreal SA. Andrier said that overall Givaudan has in the past year gained substantial market share from
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