Israel-based ingredients company Frutarom has announced the completion of its acquisition of the fruit preparation business in Germany and Switzerland of International Flavours and Fragrances (IFF).
The fruit preparations business, which develops and produces fruit compounds and other natural ingredients to be used as natural flavouring in food products, includes operations at plants in Emmerich, Germany and Reinach, Switzerland, as well as related inventory and intellectual property. IFF’s fruit preparations business in Europe recorded revenues of US$90m in 2003, of which approximately 70% was in Germany and Switzerland.
Frutarom said the purchase price of the business acquired in Germany and Switzerland is €30m (US$36.9m) less certain liabilities assumed by Frutarom.
Depending on the satisfactory completion of IFF’s consultation with the employees work council in Dijon, France, Frutarom said it also plans to acquire the fruit preparations business in France.
