Israeli ingredients firm Frutarom has made its second acquisition this month with the purchase of Slovenia flavours firms Etol.
The acquisition, Frutarom said today (17 January), will “strengthen and deepen” its presence in emerging markets, in addition to expanding the company’s natural flavours portfolio.
Frutarom will take a 56% majority share in Etol for EUR19.6m (US$24.9m). The company said it will submit a takeover bid on the Slovenian stock market for the purchase of the remaining shares in the coming weeks.
Etol manufactures natural flavours for the food and beverage industry. However, it is the company’s experience in the development of fruit-based flavours and bases for beverages that Frutarom said it has a particular interest in.
Etol recorded revenues of EUR46m in 2010, up 7.5% on the prior-year. The company employs around 240 staff and operates a manufacturing and marketing site in Sofia Vas, Slovenia. Its products are sold in around 46 countries.
“Frutarom considers this an important and strategic acquisition, which significantly expands Frutarom’s operations in Central and Eastern Europe and strengthens its presence and market share in these markets, and further positions Frutarom as a leading global player,” said Frutarom president and CEO Ori Yehudai
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Earlier this month, Frutarom acquired UK company Savoury Flavours for GBP3.8m (US$5.8m). Founded in 1999, Savoury manufactures flavours, seasoning compounds, marinades and sauces.