23 December 2010 00:15 [Source: ICIS news]
HOUSTON (ICIS)--LyondellBasell sold its flavours and fragrances business to Pinova Holdings for $150m (€114m), the company said on Wednesday.
The business has about 200 employees with manufacturing facilities in Jacksonville, Florida, and Brunswick, Georgia. It produces terpene-based fragrance ingredients and flavour ingredients for the oral-care, confectionery and beverage market, LyondellBasell said.
"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.
Pinova, a global supplier of wood and gum rosin and polyterpene resin specialty chemicals, said the newly-acquired business would operate under the name Renessenz.
The deal closed on Thursday, according to LyondellBasell.
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