The German company has taken a 90.2% stake in Probi, a Swedish bioengineering company specialising in the research and manufacture of biotic ingredients.
The German ingredient manufacturer has made an offer of $32 per share for all of Probi's publicly traded shares. Symrise had owned almost 70% of Probi since 2012.
In 2019, Symrise announced it was working with Probi to develop probiotic-based cosmetic ingredients for topical applications that are suitable for particularly sensitive and dry skin.
‘Through its active involvement, Symrise has a deep knowledge and understanding of Probi, its operations and the market in which it operates,’ the company explained in a statement.
‘Symrise believes in Probi for the long term, as the company has a compelling product offering that makes the health benefits of probiotics available to people around the world, and a fantastic global team,’ he added.
‘By joining forces, we will further strengthen our respective capabilities to serve the market with leading customised solutions, unlocking even more value for customers globally.’