Dérivés Résiniques et Terpéniques (DRT) recently purchased Pinova from Symrise AG for $150 million. The French company will take ownership of the Brunswick facility on L Street near the entrance to the F.J. Torras Causeway as part of the acquisition. It will be DRT’s only U.S.-based manufacturing location.
Pinova Inc. manufactures industry applications derived from pine wood and other natural resources for customers in more than 100 countries. DRT has numerous international industrial sites, including four factories in France, one in China and three in India. DRT primarily supplies perfume, adhesive, rubber, ink and food supplements.
While the company is changing hands, Ken Kennedy, interim president of Pinova, said business will continue as usual.
“Our grassroots are high performance resin centered around innovation, and we will continue to focus on safety and product quality,” Kennedy said. “We do not expect any immediate or imminent changes to our workforce.”
Pinova, originally Hercules, has a history of changing hands in recent years. The company, which has operated in Brunswick for more than a century, was purchased from Ashland by TorQuest in 2009 and renamed Pinova Inc. It was bought by Symrise in 2015 before its most recent acquisition by DRT.
“Pinova has been sold three times in the past 105 year history. The previous acquisitions were Torquest, Symrise and now DRT. DRT is considered a strategic buyer with complimentary products,” Kennedy said.
With Pinova Inc. becoming part of DRT, Symrise will continue its involvement with the company. Both companies will collaborate in the area of product development. Pinova Inc. will also continue to supply materials to Symrise, thereby providing efficient and access to fragrance ingredients.
Going forward, Symrise and DRT will cooperate in specific areas of product development and supply of raw materials.
Kennedy feels that the partnership will benefit all parties as well as employees and the community as a whole.
“Both companies have seen growth over the past decade. This acquisition complements their investment of a new production facility in Effingham County which will be fully operational in 2017. These combined activities will be added value for our customers and community,” Kennedy said.
The current transaction is subject to antitrust approval. Closing is expected to take place by the end of this year.