Sensient Technologies, Milwaukee, said it reached an agreement to acquire the natural color business of GlobeNatural, a natural food and ingredient company based in Lima, Peru, owned by the Michell Group. The transaction is expected to close in the first quarter of 2018. The new entity will operate as Sensient Natural Colors Peru S.A.C.

GlobeNatural brings more than 25 years of experience in the sourcing, manufacturing and exporting of natural food ingredients, Sensient Technologies said. Its natural colors are used in a wide range of food and beverage applications.

“This acquisition is an important component of our ‘seed to shelf’ initiative in food colors,” said Paul Manning, chairman and CEO of Sensient Technologies. “Eighty percent of food products launched globally use natural colors and coloring foodstuffs, and we anticipate that this market will continue to grow. We will continue to innovate and expand our natural color supply chain portfolio.”