Clariant has announced it will acquire Lucas Meyer Cosmetics from International Flavors & Fragrances (IFF) for a total of US $810 million (~ CHF 720 million). The proposed transaction is expected to close in the first quarter of 2024.
According to Clariant, this furthers its purpose-led growth strategy and strengthens its position as a true specialty chemical company. The arrangement will expand Clariant’s reach into the high value cosmetic ingredients space based on customer-driven innovation and natural solutions. It is also a strategic fit with Clariant's complementary customer and product portfolios, geographic footprint and research capabilities.
“The proposed acquisition of Lucas Meyer Cosmetics marks another major step forward for Clariant’s purpose-led growth strategy," said Conrad Keijzer, chief executive officer of Clariant. "It will strengthen our position as a true specialty chemical company, our exposure toward consumer markets, and our footprint in North America while supporting our goal to accelerate customer- and sustainability-driven innovation."
Keijzer added that Lucas Meyer Cosmetics brings a highly experienced leadership team with an excellent track record. "By combining our personal care ingredients portfolio with Lucas Meyer Cosmetics, Clariant will become a leader in the high value cosmetic ingredients space, one of the most attractive, profitable and fastest-growing specialty chemicals markets. With this step, we will build on our successful track record of pursuing and integrating bolt-on acquisitions to enable value creation and profitable growth.”
Clariant also noted its ambition to grow Lucas Meyer Cosmetics' annual sales from ~ $100 million to ~ $180 million by 2028.