Symrise AG has recently confirmed its 100% acquisition of Wing Pet Food, a Chinese leader in pet food palatability enhancers.
As a result, Symrise will acquire additional capabilities to further strengthen its market position in the areas of pet food palatability, while accelerating the diversification in its pet food application area. Wing Pet Food’s competitive portfolio will also extend Symrise’s access to the highly attractive Asia Pacific region (APAC), which experts consider to be the fastest growing region for pet food applications globally. The 2020 annual sales of Wing Pet Food, formerly known as Wing Biotech, amounted to around €25 million (US$27.6 million). The closing of the transaction is expected in 2nd quarter this year.
Dr. Jean-Yves Parisot, President Flavor & Nutrition of Symrise AG said, “The acquisition of Wing Pet Food is an excellent opportunity for Symrise to further strengthen its leading position in pet food and expand its footprint in the APAC region, where we see great growth potential. With this transaction we extend our access to additional customers and further diversify our portfolio in the pet food application area. Our customers will particularly benefit from an enhanced value proposition in Taste, Nutrition and Health.”
Shanghai-based Wing Pet Food is a supplier of pet food palatability, nutrition and pet food protection solutions. The company operates a proven sales platform and a reliable operational network across China and in adjacent Asian markets. In addition, Wing Pet Food is well known for its strong customer intimacy across different product segments. Symrise will further enhance its capabilities with Wing Pet Food’s state-of-the-art R&D center in Shanghai, 2 high-standard production sites strategically situated in the Chinese provinces of Jiangxi and Jiangsu as well as around 200 employees.
Wu Zhirong, Deputy General Manager of Wing Pet Food said, ”This is a milestone for Wing Pet Food and I am very confident about partnering with Symrise. Combining our portfolios, our capabilities, and strong customer relationships will further strengthen our competitive position. We will be ideally positioned to make the best use of our growth opportunities in and outside China.”
Symrise will acquire 100 % of Wing Pet Food, which boasts of 2 high-tech business units, Wing Bio and Witts Bio, that focus on pet food palatability and health & nutrition respectively. Whilst gaining a firm foothold in the Chinese market, Wing Pet Food actively develops international business to serve overseas customers from Asia, Oceania, Africa and the Middle East. It aims to become a globally-renowned pet food ingredient supplier and solution provider.
This announcement comes only a month after Symrise clinched a deal to acquire Dutch sustainable egg proteins manufacturer Schaffelaarbos in an effort to speed up its global expansion in pet nutrition.