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Nov. 22, 2006 / 9:50 AM

Givaudan buying Quest Int.'l for $2.28B

GENEVA, Switzerland, Nov. 22 (UPI) -- Givaudan SA will pay $2.28 billion for the fragrance and flavor business of Britain's Imperial Chemical Industries PLC.

Buying Quest International, which is based in the Netherlands, will "extend Givaudan's leadership position in all strategic segments of the fragrance and flavor industry," the Swiss company said Wednesday in a news release.

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Givaudan will pay for Quest, which has about 3,400 workers, by issuing stock and taking on debt. Layoffs are expected as it cuts operating costs of the merged entity.

The acquisition is expected to boost Givaudan's presence in the Asia Pacific area, Latin America, Eastern Europe and Africa and the Middle East.

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