On 18 June 2008, the AMF instructed Orgasynth to amend its financial statements for fiscal year 2007.  Although the annual consolidated financial statements received an unqualified opinion from the company’s statutory auditors, the AMF feels that, pursuant to IFRS 5 and IAS 1, more details are required concerning the fine chemicals and dyes businesses sold in July 2007. 
This amendment will not affect the consolidated net profit that the company reported earlier.
As a result of this amendment, the Orgasynth Annual General Meeting originally scheduled for 30 June 2008 will be postponed to a later date.

ASSET FOR EUROPEAN COSMETIC MARKET DEVELOPMENT STRATEGY

The Orgasynth Group, creator and producer of fragrance and flavour compounds, has announced the acquisition of Agipal, a French company specialising in essential oils and aromatic raw materials since 1962.

With its facilities at Maisons-Lafitte, Agipal has nine employees and generated €2.6 million revenue in 2007. It has no bank borrowings.

Orgasynth is paying the undisclosed purchase price from its own funds.

By end-July Agipal is set to join the Saint-Ouen l’Aumône site of Orgarôme, the Orgasynth subsidiary specialising in aromatic raw materials and flavours. The release of synergies between the two organisations should allow for an immediately accretive acquisition.
Apart from its recognised know-how and expertise on fragrance, cosmetic and food markets, the Agipal acquisition rounds out Orgasynth’s product portfolio by adding essential oils and 100% pure and natural essential oil complexes, as well as vegetable oils, floral water and other specialities lacking at Orgasynth.
With the purchase Orgasynth should rapidly achieve a top-ranking cosmetic industry position, enabling it to spur on its development on this market, a major pivotal point in its European strategy.