Frutarom acquired UK flavor concentrate maker Belmay for $17.1 million last month.
Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; Pink Sheets:FRUTF.PK) has acquired Jupiter Flavours Ltd. of the UK for $2.8 million in cash and an additional $600,000 on the basis of Jupiter Flavours’ future results. The acquisition was made through subsidiary, Frutarom (UK) Ltd. The acquisition was financed with short-term credit.
Frutarom said that Jupiter Flavours has had rapid growth in recent years, and posted $2 million in sales in the 12 months prior to the acquisition. Jupiter Flavours will expand Frutarom’s product line, and will also bring in new customers.
The acquisition of Jupiter Flavours follows on Frutarom’s acquisition of UK flavor concentrate maker Belmay Ltd. for $17.1 million in cash last month. Frutarom said that these and earlier acquisitions would turn the company into the leading flavors and concentrate maker in the UK market. The company added that it planned to consolidate the acquired activities with its existing UK operation in order to maximize efficiency and operational savings, which would not require additional resources to implement.
Published by Globes [online], Israel business news - www.globes.co.il - on April 22, 2007
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