FRANKFURT (Reuters) - Germany’s Symrise said on Thursday it was expanding its pet food business with the $900 million purchase of ADF/IDF, a pet food ingredient provider.
The transaction will be financed through debt and equity, Symrise said, and will also help the company expand its U.S. footprint.
ADF/IDF generates sales of $220 million a year and has 470 employees.
Symrise, which competes with scents and flavors makers Givaudan and IFF, in 2014 made a first foray into pet food ingredients with the acquisition of France’s Diana Group for $1.8 billion.
“With the acquisition, Symrise aims to broaden its activities in the fast growing pet food business and to expand its position in the attractive food nutrition market,” the company said.
Reporting by Ludwig Burger and Tom Sims; Editing by Dan Grebler