CHANGZHOU, China, Jan. 28, 2016 /PRNewswire/ -- On January 14, 2016, Swiss fragrance manufacturer Givaudan signed an investment agreement to set up a fragrance production facility with a registered capital of US$34.2 million in Changzhou National High-Tech District (CND), China. Total investment is set to reach US$99.8 million.
Givaudan, based in Geneva, Switzerland, is the global leader in the fragrance and flavour industry, offering its products to global food, beverage, consumer goods and fragrance industries. Meanwhile, Givaudan is also the raw materials supplier of the top global perfume brands. In 2014, the sales achieved CHF4.4 billion and the market capitalization reached CHF17 billion. Givaudan has established its Chinese headquarters in Shanghai and offices in Beijing, Guangzhou, Hong Kong, as well as in other cities.
Willem Mutsaerts, Head of Global Procurement of Givaudan, said, "After considering a number of Chinese cities, Givaudan finally chose CND as the optimal locale for its new fragrance facility in China and has strong confidence in the upcoming CND project. As an industry leader, Givaudan is very optimistic about the future of the Chinese market. The CND project, a large investment for Givaudan, is expected to lay a sound foundation for the company's development in the market. We hope to start and complete the construction of the facility as soon as possible with the support of the local government. And Givaudan is confident in bringing in more investment opportunities in the future."
The CND facility, located in the Chemical Park in Changzhou Binjiang Economic Development Zone (CZBJ), will primarily produce fragrances and other ingredients. The plant is designed to have an annual output of 10,000 tons, generating US$100 million annually.
Mr. Guoqiang FANG, the vice mayor of Changzhou, Mr. Xiaodong WU, Mr. Yuwei WANG, and Mr. Xiaodong SHENG, high management of CND, attended the agreement signing ceremony.
SOURCE Changzhou National Hi-Tech District