Givaudan acquires ConAgra Foods’ spicetec flavours & seasonings biz

Givaudan acquires ConAgra Foods’ spicetec flavours & seasonings biz

6:29 AM, 25th May 2016
Givaudan acquires ConAgra Foods’ spicetec flavours & seasonings biz
Gilles Andrier, CEO of Givaudan. (File photo)

VERNIER, SWITZERLAND: Givaudan SA has acquired spicetec flavours & seasonings business from ConAgra Foods Inc for $340 million. The transaction is expected to close in the next 60-90 days.

As the planned transaction is structured as an asset deal, the amounts paid include tax benefits which are typical with this type of transaction. Final cash consideration will be subject to adjustments for working capital. The transaction is expected to add approximately $185 million to Givaudan’s revenue on a full year basis.

Spicetec offers a range of flavours, spices and savoury seasoning solutions to customers, primarily in North America and operates from locations in Omaha, Nebraska; Carol Stream (Illinois) and Cranbury (New Jersey), employing 280 people.

“This acquisition fits with our 2020 strategy to expand our offering to deliver integrated solutions where flavour and taste play a key role. Spicetec brings complementary capabilities to Givaudan with its strong portfolio of spices, seasoning blends and natural solutions. We are delighted to welcome spicetec’s employees to Givaudan; our high cultural fit will contribute greatly to a successful integration,” said Gilles Andrier, CEO of Givaudan.

“Combining Givaudan’s leading flavour expertise with spicetec’s portfolio of products will enable us to deliver a broader range of solutions to our customers in processed meats, savoury retail and foodservice. Furthermore, these additional capabilities will help us strengthen the breadth of our industry leading natural ingredients, flavour and taste solutions,” said Mauricio Graber, president of Givaudan’s flavour division.

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