Danish food ingredients company Danisco has said it has bought the food ingredients business of French chemicals maker Rhodia.

Danisco said the total acquisition price is approximately DKK2.4bn (US$393m), with expected completion in May 2004 following the approval of the competition authorities. Rhodia's food ingredients business had total sales of DKK1.58bn and EBITDA of DKK150m in fiscal 2003.

"The acquisition of Rhodia food ingredients activities within texturants and speciality products will consolidate our position as the preferred partner to the food industry, and will create considerable value for our shareholders," says Alf Duch-Pedersen, CEO of Danisco.