Pinova Holdings buys LyondellBasell Flavors and Fragrances
Pinova Holdings Inc. has bought the flavors and fragrances business of the chemicals, refining and plastics company LyondellBasell, in a transaction that closed on Wednesday.
LyondellBasell said the deal brought in about $150m after tax.
LyondellBasell Flavors and Fragrances has manufacturing facilities in Jacksonville, Florida and Brunswick, Georgia, and will be renamed Renessenz, Pinova said. Currently it produces terpene-based flavor and fragrance ingredients for the oral-care, confectionery and beverage markets.
"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.
