FMC completes acquisition of Phytone
Diversified chemical company FMC Corporation has completed the acquisition of Phytone, a UK-based producer of natural colours.
Phytone's natural colour products and formulations are used by the personal care, food, beverage and nutrition industries.
FMC operates its businesses in three segments, including FMC BioPolymer, FMC Agricultural Products and FMC Alkali Chemicals.
Mike Smith, FMC BioPolymer division manager, said there is a growing demand from consumers who favour natural ingredients from renewable and sustainable sources.
"Phytone further expands FMC's natural colours capabilities and augments FMC BioPolymer's industry leading, naturally sourced specialty ingredients that are used across food, pharmaceutical and personal care markets for texture, binding, stabilization and appearance," Smith said.
"Furthermore, Phytone is ideally situated in the United Kingdom, which will enhance our service to European colour customers," Smith added.
Terms of FMC's deal with Phytone have not been disclosed.
Pierre Brondeau, FMC Corporation president, CEO and chairman, said the acquisition underscores the company's commitment to grow its new natural colours portfolio, and represents another important step in its Vision 2015 growth strategy.
"We expect the high-growth, natural colours market to reach well over $1bn by 2015," Brondeau said. "The addition of Phytone's unique color technology, coupled with our acquisition last year of Chilean-based South Pole Biogroup, greatly strengthens our position in this exciting market."