SWITZERLAND – The sale of Nestle’s flavour subsidiary Food Ingredients Specialities (FIS) to flavour and fragrance supplier Givaudan, announced in January, has been completed.

FIS supplies flavour compounds to the food and drink industry, with annual sales of around 275 million euro.

Givaudan has paid 515.6 million euro for FIS in shares and cash.

When the sale was announced in January, Nestle said that FIS’s knowledge of the savoury ingredients market would complement Givaudan’s sweet and concentrated flavours well.

As part of the deal, Givaudan has taken control of FIS plants at Chƒtel-Saint-Denis and Kemptthal in Switzerland. Nestle’s research and development site at Kemptthal is not affected by the sale.