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Belmay/TFF merger

This article was originally published in The Rose Sheet

Executive Summary

New York City-based fragrance supplier Belmay and Amityville, N.Y.-based fragrance developer Technology Flavors & Fragrances will have combined sales of more than $60 mil. following planned merger announced Nov. 20. Agreement would call for Belmay to purchase 75% of TFF, which would change its name to Belmay/TFF and reconstitute its board of directors, firm says. Belmay President/CEO Ted Kesten will be appointed chairman/CEO of combined entity, while TFF Chairman/CEO Philip Rosner will become vice chair. Merger will help transform TFF into "world-class global developer and manufacturer of flavors and fragrances" by providing access to Belmay's solid infrastructure and international operations, TFF says. Move follows restructuring announcement by TFF prompted by consecutive sales losses ("The Rose Sheet" Nov. 19, In Brief)...
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