Frutarom is set to make its third acquisition of 2012 after signing a deal to buy Brazilian flavours firm Mylner.
The Israel-based company, which has already made investments in Slovenia and the UK this year, said today (7 February) it agreed to acquire Mylner for US$15.7m.
Mylner manufacturers flavours for beverage and bakery products from a site in Sao Paulo, Frutarom said. The Brazilian firm’s customer base takes in manufacturers in its home market and in other Latin American countries, it added. Mylner’s turnover was BRL19m (US$11m) in 2011, up 8% on the year.
“Frutarom considers this acquisition of Mylner to be an important strategic step and a significant first entry into the taste solutions market in the important and large Brazilian market and in Latin American markets, which strengthens its presence and market share in these high growth potential markets,” Ori Yehudai, Frutarom’s president and CEO, said. “We believe that the sales in the emerging markets in which Mylner acts will continue to grow at high rates over the next few years as a result of the shift to processed foods and beverages and from changes in consumer demands in this region.”
In January, Frutarom said it had agreed to buy a 56% stake in Slovenian flavours firm Etol for EUR19.6m (US$30m). Frutarom also last month signed a deal to buy UK company Savoury Flavours for GBP3.8m (US$6.1m).
In 2011, Fruatrom made five acquisitions, including an industrial spices unit from Norwegian food group Rieber & Son, UK firm British East Anglian Food Ingredients and a savoury business in Italy from food ingredients maker Chr. Hansen.