Issue Date: January 3, 2011
LyondellBasell Exits Flavors And Fragrances
Pinova Holdings has purchased LyondellBasell Flavors & Fragrances for $150 million. LBFF produces terpene-based ingredients for the oral care, confectionery, and beverage markets. Formerly Hercules’ wood and gum rosin business, Pinova was acquired in 2009 by the Canadian private equity firm TorQuest Partners. LBFF will be renamed Renessenz and become a sister company to Pinova. TorQuest estimates that the two pine-based businesses will have combined annual sales of $250 million.
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