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Firmenich, based in Geneva, to merge with a Dutch chemical company

Firmenich CEO Gilbert Ghostine said the family business is expected to be a long-term shareholder in the new company. Keystone/Martial Trezzini

Swiss flavor maker Firmenich and Dutch company Royal DSM have struck a deal to form a new fragrance giant.

This content was published on May 31, 2022 – 13:58

SWI/Bloomberg/Keystone-SDA/ug

The new company is expected to be a leader in nutrition, beauty and wellness products, according to a joint statement released Tuesday.

Under the deal, which is conditional on DSM’s investor approval, the Firmenich family will own approximately 34.5% of the new company, which will have approximately 28,000 employees.

It is aiming for an annual turnover of more than 11.5 billion euros (11.9 billion francs) with dual headquarters in Switzerland and the Netherlands and a listing on Euronext in Amsterdam.

The merger is expected to be finalized in the first half of next year.

Experts say the merger will try to challenge rivals including Swiss multinational Givaudan, which serves food giant Nestle and luxury goods maker Richemont.

Firmenich is privately held in the fragrance and flavor industry and ranks second in the world in terms of market share. It has been creating perfumes for more than 125 years, according to the companyExternal link website.

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