Food ingredients group Frutarom is to purchase a Scandinavian industrial spices savoury business from Norwegian manufacturer Rieber & Son.

The firm announced on 26 December that it had signed an agreement for the acquisition, which will include the division’s fixed assets for around US$4.2m. The purchase will be self-financed and is subject to the approval of the Norwegian Competition Authority.

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Frutarom president and CEO Ori Yehudai said the acquisition was a “continuation of Frutarom’s rapid growth strategy”.

“This acquisition bolsters Frutarom’s presence and positioning as a leading global producer of savoury solutions,” Yehudai added. “The acquisition strengthens both Frutarom’s technological capabilities and its comprehensive product offering to customers around the world in the fields of savory flavors and functional foods.”

Yehudai said the purchase will also “broaden” its global customer base by “solidifying” a presence in the Scandinavian market.

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“We will strive to exploit to the fullest extent the operational synergies in the merger of Rieber with Frutarom’s activities in order to reach the optimal operational efficiencies and maximal savings,” he said.

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Rieber develops, manufactures, and markets savoury products including flavours, seasoning compounds, and functional ingredients for the food industry, with a specialisation in the processed meat, fish, and convenience food sectors.

Yehudai said the firm will continue to “pursue strategic acquisitions”. It hopes the acquisition will allow it to double Frutarom’s turnover within the next four years to $1bn.