24 February 2022 - Symrise has entered an agreement to acquire Wing Pet Food, a Chinese provider of pet food palatability enhancers.
Headquartered in Shanghai and established in 2007, Wing Pet Food recorded sales of approximately €25 million in 2020. The company has a R&D centre in Shanghai, two production sites situated in the provinces of Jiangxi and Jiangsu, as well as around 200 employees.
Dr. Jean-Yves Parisot, President Flavor & Nutrition of Symrise, said: “The acquisition of Wing Pet Food is an excellent opportunity for Symrise to further strengthen its leading position in pet food and expand its footprint in the APAC region, where we see great growth potential. With this transaction we extend our access to additional customers and further diversify our portfolio in the pet food application area."
Yin Jun, CEO of Wing Pet Food, added: “I am very enthusiastic about this transaction. Our two organizations are fully complementary and joining forces will be mutually beneficial. After 15 years of establishing a solid position in the Chinese market we will now take the next step in expanding our business.”
”Combining our portfolios, our capabilities, and strong customer relationships will further strengthen our competitive position. We will be ideally positioned to make the best use of our growth opportunities in and outside China,” also said Wu Zhirong, Deputy General Manager in charge of operations, industrial development and procurement.
The closing of the transaction is expected in Q2 2022.
