International Flavors & Fragrances Inc.’s IFF-Lucas Meyer Cosmetics has invested in a Canadian research and development laboratory.
The group invested in Bio ForeXtra, a Quebec City-based lab that specializes in developing active cosmetic and botanical extracts. The deal is expected to expand IFF-LMC’s access to raw materials for its cosmetics actives business. Terms of the investment were not disclosed.
IFF bought Lucas Meyer Cosmetics, which develops, manufactures and markets ingredients for the cosmetics and personal care industries, in 2015, for roughly $320 million. The company offers proprietary active ingredients, functional ingredients and delivery systems that address macro trends in beauty.
The investment is a continuation of IFF’s Vision 2020 strategy — a plan that includes investing innovation, forming partnerships with customers and broadening the portfolio through acquisitions and collaborations.
“This investment is aligned with our Vision 2020 business strategy pillar of strengthening and expanding our portfolio, said Andreas Fibig, IFF chairman and chief executive officer. “We can create differentiation in the cosmetic actives business by providing [differentiated] benefits to consumers, which is increasingly important in a highly competitive market. We believe the access we will gain to sustainably sourced extracts from the Boreal Forest of Canada will provide us with a competitive edge.”
IFF acquired Lucas
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