Frutarom acquires Aromco for $25 million
Aug. 22, 2011
by Meat&Poultry Staff
HAIFA, Israel – Frutarom Industries Ltd., a leading company in the flavors and specialty fine ingredients markets, has acquired Aromco Ltd. for $25 million in cash. As a result, Frutarom has completed its fourth acquisition of flavors companies since the start of 2011.
Aromco develops, manufactures and markets flavors for the savory, beverage, dairy, confectionary and bakery and markets with 2010 sales totaling $13 million.
The Aromco acquisition will enable Frutarom to broaden its activity and market share in these developing markets, which enjoy high growth rates, as well as to strengthen its current product supply chain. Frutarom will also utilize Aromco's innovation activities in flavor creation, development and application. Aromco's existing operational activity in England, employing 40 people, will be used to strengthen the merged activities using Frutarom's global organization giving operational and cross selling synergies.
Frutarom has production and development centers on three continents and markets its products in five continents to more than 13,000 customers in more than 120 countries. Employing approximately 1,500 people worldwide, the company operates the Flavors Segment, which develops, produces and markets flavor compounds and food systems, and the Fine Ingredients Segment, which develops, produces and markets natural flavor extracts, natural functional food ingredients, natural pharma/nutraceutical extracts, specialty essential oils, citrus products and aroma chemicals.
Frutarom's products are produced in its plants in the US, UK, Switzerland, Germany, Israel, Norway, China, Turkey and South Africa.