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Business

LyondellBasell Exits Flavors And Fragrances

by MB MB
January 3, 2011 | A version of this story appeared in Volume 89, Issue 1
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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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