GENEVA, Nov. 4, 2019 /PRNewswire/ -- Firmenich, the world's largest privately-owned perfume and taste company, announced today that it has reached an agreement to establish a joint venture with MG International Fragrance Company. Based in Turkey, MG International is owned by the Gülçiçek family and is renowned for its creative fragrance solutions and first-class service to mid-size customers across Turkey, the Middle East, Eastern Europe and Africa.
MG International was founded in 1961 by Mişel Gülçiçek, a pioneer in the region who built a unique legacy of fragrance excellence, based on outstanding creativity, hospitality and service. MG International operates a world-class, high-concept creation center in greater Istanbul, where customers are welcomed into one of the most innovative environments in the fragrance industry globally. The center also includes a state-of-the-art, 20,000-square-meter manufacturing facility.
Patrick Firmenich, Chairman of the Board, Firmenich states: "It is an honor to welcome Mişel Gülçiçek and the entire MG International group to Firmenich, building on our long-standing business partnership for more than 50 years. We share the same passion for creative perfumery, a common culture of lasting relationships with our customers, and enduring family values caring for our people and the planet."
"As an independent, family-owned business for 58 years, we are honored to partner with the world's largest privately held fragrance and flavour company," explains Mişel Gülçiçek, Founder and Chairman, MG International Fragrance Company. "Firmenich is a true industry leader in both creativity and responsible business; we look forward to combining our artistry, innovation and technology to create positive emotions together."
Gilbert Ghostine, CEO, Firmenich says: "With our combined capabilities, Firmenich and MG International will now offer winning fragrance solutions and exemplary service for regional and mid-size local customers across Turkey, the Middle East, North Africa, Eastern Europe and the greater 'Stans'. Our new partnership will combine unrivalled innovation and technology with deep local customer intimacy and consumer understanding, as well as giving us a strong supply chain base for faster speed-to-market across the region."
"We are bringing two great perfumery legacies together to expand the MG International 'Made in Turkey' label," says Aslan Gülçiçek, CEO, MG International Fragrance Company. "Our combined resources will help us deliver creative and innovative fragrances for customers in both fine fragrance and body & home care across Turkey, the Middle East, Africa and neighboring markets."
The Gülçiçek family will remain significant shareholders in MG International. Upon closing, MG International will operate as a member of the Firmenich group, maintaining its brand name.
Financial terms of the deal have not been disclosed. The completion of this transaction is subject to clearance by the relevant regulatory authorities and is expected to close in early 2020.
About MG International Fragrance Company
MG International Fragrance Company provides services to over 72 countries and supplies fragrance compositions and ingredients to nearly 4,000 manufacturers worldwide including the domestic market. With its environmentally conscious production, "employee-and-customer-first" oriented approach, and productive high technology utilization, the company, which is among the 1,000 largest companies in Turkey, places particular emphasis on working under healthy and safe environments. www.gulcicek.com
Firmenich is the world's largest privately-owned perfume and taste company, founded in Geneva, Switzerland, in 1895. Driven by its purpose to create positive emotions to enhance wellbeing, naturally, Firmenich has designed many of the world's best-known perfumes and tastes, bringing delight to over four billion consumers every day. Renowned for its world-class research and creativity, as well as its leadership in sustainability, each year, Firmenich invests 10% of its turnover in R&D to understand and share the best that nature has to offer responsibly. Firmenich had an annual turnover of 3.9 billion Swiss Francs at end June 2019. More information about Firmenich is available at www.firmenich.com.