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Frutarom UK acquires flavor and fragrance plant for $2m.
(From Israel Business Arena)
Byline: Globes correspondent
Electrochemical Industries (Frutarom) (AMEX: EIL) today announced that subsidiary Frutarom (UK) Ltd. acquired from British company Rayner & Co., an activity that develops, produces and markets flavors, fragrances and natural extracts. The assets intended for the development and production of these products were also acquired.
Frutarom paid about $2 million for the assets and the activity.
The company said that the activity acquired is synergistic with Frutarom's activities and also includes new products in the flavors field (for instance, flavors produced from fish) and in natural extracts, mainly vanilla.
The company said that acquiring this activity will add new customers to Frutarom's customer base in the UK and elsewhere, and enables Frutarom to penetrate new markets. The company expects that the activity acquired will integrate with the company's activity at its new, modern Kettering site, which was acquired about a year and a half ago from British company CPL Aromas Ltd.
The company said it does not anticipate the need to add considerable manpower in order to absorb the activity. At the same time, the company does intend to absorb a number of Rayner's key development and marketing personnel in order to add to and strengthen the English subsidiary's organization in ...
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