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August 22, 2011
HAIFA, IsraelFrutarom Industries Ltd. has acquired British flavors manufacturer Aromco Ltd. for $25 million in cash. Aromco develops, manufactures and markets flavors for the beverage, dairy, confectionery, bakery and savory markets.
The transaction marks Frutaroms fourth acquisition of flavors companies in 2011 and enables Frutarom to broaden its activity and market share in these developing markets and strengthen its current product supply chain. Frutarom will utilize Aromcos extensive and excellent innovation activities in flavor creation, development and application. Aromco's existing efficient operational activity in England, employing 40 people, will be used to strengthen the merged activities using Frutaroms Global organization giving operational and cross-selling synergies.
Commenting on the acquisition, Frutaroms President and CEO Ori Yehudai said: The acquisition of Aromco, which is active and growing extensively in developing markets, compliments our strategy and strengthens our presence and market share. Aromco's activity in the U.K. market will be merged with Frutarom's existing successful activity in which Frutarom is already considered a leading player. We will strive to maximize the numerous synergies among the different activities of Frutarom by utilizing the operating synergies in the different countries to accelerate the cross-selling opportunities and to achieve significant efficiencies and savings. The acquisition enriches Frutarom with a skilled and experienced research and development team which will contribute to expanding our existing product and technology range enabling an enhanced offering to our customers."
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