Cargill Beauty has entered into an agreement to acquire Floratech, a provider of natural emollients and derivatives for beauty and person care applications.
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The acquisition will help grow Cargill's portfolio of sustainable, nature-derived ingredients as well as grow its beauty business.
Floratech brings 45 years of experience in natural emollients and jojoba derivatives. Its product development experience in specialty beauty ingredients aligns closely with Cargill’s growth strategy and advances the capabilities of its global beauty business.
The agreement is pending regulatory approval and closing conditions.
Colleen May, president of Cargill Bioindustrial, which includes the beauty business said, “This acquisition will mark an important milestone in Cargill’s effort to expand its beauty business and will strengthen both companies’ shared vision to unleash beauty sustainably.
This partnership will accelerate our combined growth, maximize value for customers by building industry-leading capabilities focused on nature-derived solutions, and help those customers shift their portfolio from synthetic chemicals to more sustainable ingredients.”
Steve Brown, president of Floratech, said, “We are thrilled to join the Cargill team. This partnership will bring even more sustainable value to cosmetics and personal care formulations around the world. Floratech has a long history of developing plant-based sustainable ingredients at levels of quality and functionality superior to the synthetic products they replace. Cargill’s long-established position as an agricultural powerhouse will not only sustain but accelerate that success.”