Firmenich acquires majority stake in Chinese firm ArtSci
02 May 2022 14:52
Firmenich has increased its existing participation in ArtSci Biology Technologies (ArtSci), further details of which can be found in a press release. As a result, the Geneva-based firm now holds a majority stake in the Chinese company headquartered in Hangzhou in Zhejiang Province.
ArtSci and Firmenich have already been cooperating since 2019 as strategic partners. At this time, Firmenich moved to acquire a minority shareholding in the company. ArtSci was founded in 2005 and specializes in developing tastes for use in beverages and dairy products in addition to baked goods and confectionery.
With this investment, Firmenich is seeking to expand its footprint in China, where according to its own information there are massive growth opportunities on offer. According to Gilbert Ghostine, CEO of Firmenich, China has been a key market for the Geneva-based firm for decades already. In terms of Chinese locations, Firmenich opened its largest flavor manufacturing plant in the world in Zhangjiagang in 2019, while it also operates a research institute in Shanghai.