German cosmetic ingredients maker Symrise has increased its shareholding in US pigment and powder specialist Kobo Products to 49%.
Symrise, which took an initial 25% stake in the New Jersey-based firm in 2021, said the transaction creates further opportunities for both companies in the fields of mineral UV filters and decorative cosmetics.
Kobo customers will also benefit from expanded capacities and global supply chains, it added.
“Kobo Products is the perfect partner for our activities in the field of inorganic sunscreen filters and colour solutions for decorative cosmetics,” said Dr Jörn Andreas, the executive board member responsible for the Symrise Scent & Care business unit.
“With its innovative product range, Kobo perfectly complements our own portfolio,” he added.
“The corporate cultures of Kobo and Symrise also harmonize on all levels. For all these reasons, we feel very happy about this second investment and the expression of our confidence in Kobo that it makes.”
The expanded partnership with Kobo includes an agreement on the future disposition of shares of Kobo´s capital stock and the governance of Kobo.
The funds raised in this transaction are to be used to expand capacity and enhance the supply chain to continue its growth trajectory and further optimize its business operations.
Financial details were not disclosed.