LyondellBasell sells flavors and fragrances business to Pinova Holdings for $150 million
23 Dec 2010
Global petrochemicals major LyondellBasell today announced the sale of its flavours and fragrance unit to Pinova Holdings for a net (after-tax) consideration of $150 million.
LyondellBasell Flavors & Fragrances LLC produces terpene-based fragrance ingredients and flavor ingredients for the oral-care, confectionery and beverage market.
Pinova Holdings said the newly acquired business will operate under the name Renessenz LLC.
With manufacturing facilities at Jacksonville (Fla) and Brunswick (Ga), LyondellBasell Flavors & Fragrances LLC employs approximately 200 people.
"This divestiture is consistent with our objective to focus on developing our core businesses of olefins and polyolefins, intermediates and derivatives, and refining and oxyfuels," said LyondellBasell CEO Jim Gallogly. LyondellBasell said the transaction results in after-tax proceeds of approximately $150 million.
Pinova Holdings is the parent company to Pinova Inc, a global supplier of wood and gum rosin and polyterpene resin specialty chemicals derived from natural and renewable raw materials based in Brunswick (Ga).
LyondellBasell, one of the world's largest plastics, chemical and refining companies, serves a range of industries including packaging, electronics, automotive components, home furnishings, construction materials and biofuels.
The company manufactures products at 59 sites in 18 countries.