Danish ingredients group Danisco has completed the sale of its flavours business to Swiss flavours and fragrances company Firmenich for DKK3.4bn (US$613m).

The Danish company said the transaction was subject to relevant regulatory approvals which have now been obtained.

Danisco and Firmenich have entered into a strategic partnership to provide “unique and flexible solutions for the food industry”, which Danisco said would allow it “to maintain a unique product offering to its customers, and both parties to consolidate their positions in the food industry”.

As stated when the deal was first announced in May, Danisco is to initiate a share buyback programme which will see the company buy back shares up to a value of DKK500m in the period from 3 July to 14 December.