Symrise continues to invest in Kobo Product. Symrise has decided to increase its stake to 49% in Kobo, a supplier of raw materials, especially pigments, to the cosmetics industry.
The German company has only held 25% of the shares since 2021. It was then that Symrise announced the deal, which meant new opportunities for both companies in the field of mineral UV filters and cosmetics.
Dr Jörn Andreas, member of the executive board of Symrise's cosmetics division explained that with the latest innovations by Kobo, it fits perfectly into his portfolio: "Kobo Products Inc. is the perfect partner for our activities in the field of inorganic sunscreens and colour solutions for decorative cosmetics. With its innovative product range, Kobo perfectly complements our own portfolio. The corporate cultures of Kobo and Symrise also harmonise on all levels. For all these reasons, we are very pleased with this second investment and the expression of our confidence in Kobo that it makes".
This expanded relationship with Kobo includes an agreement on the future disposal of shares in Kobo's share capital and the governance of Kobo. The German chemical company explained in its press release that the funds raised in this transaction will be used to expand capacity and improve the supply chain in order to continue its growth trajectory and further optimise its business operations.
David Schlossman, Chairman and majority shareholder of Kobo, said that Symrise was very welcoming and committed to Kobo's development: "Symrise has established itself as a reliable and trustworthy partner over the past two years. Their second investment is exactly the commitment we were looking for in such a partnership. The Symrise teams have been very welcoming and committed to the products. We have a lot of exciting work ahead of us that will undoubtedly create new opportunities for our customers and employees."