HOLZMINDEN, GERMANY — On Feb. 23, Symrise AG announced it has signed an agreement to fully acquire Wing Pet Food. The acquisition will diversify Symrise’s pet food portfolio and expand the company’s presence into the Asia/Pacific (APAC) region.
According to Wing Pet Food, formerly Wing Biotech, its 2020 annual sales were about €25 million ($27.3 million). The purchase amount of the acquisition was not disclosed.
“The acquisition of Wing Pet Food is an excellent opportunity for Symrise to further strengthen its leading position in pet food and expand its footprint in the APAC region, where we see great growth potential,” said Jean-Yves Parisot, Ph.D., president of flavor and nutrition, Symrise. “With this transaction we extend our access to additional customers and further diversify our portfolio in the pet food application area. Our customers will particularly benefit from an enhanced value proposition in taste, nutrition and health.”
Shanghai-based Wing Pet Food manufactures and supplies pet food companies with palatability, nutrition and protection solutions. The company’s presence extends from the Chinese market to incorporate other adjacent Asian markets.
“I am very enthusiastic about this transaction,” said Yin Jun, chief executive officer, Wing Pet Food. “Our two organizations are fully complementary and joining forces will be mutually beneficial. After 15 years of establishing a solid position in the Chinese market, we will now take the next step in expanding our business.”
As part of the acquisition, Symrise plans to expand its own capabilities using Wing Pet Food’s R&D center. Symrise will also integrate Wing Pet Food’s two production sites located in Jiangxi and Jiangsu, China, and 200 employees into its operations.
“This is a milestone for Wing Pet Food and I am very confident about partnering with Symrise,” said Wu Zhirong, deputy general manager for operations, industrial development and procurement, Wing Pet Food. “Combining our portfolios, our capabilities, and strong customer relationships will further strengthen our competitive position. We will be ideally positioned to make the best use of our growth opportunities in and outside China.”
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