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Frutarom Industries Ltd. (Haifa, Israel) signed an agreement to acquire the savory activity and assets of Chr. Hansen Italy for a cash payment of approximately $2.53 million, subject to the approval of antitrust authorities. Frutarom expects the acquisition to be finalized within the coming weeks.
The savory activity of Chr. Hansen develops, produces and markets innovative savory solutions, including flavors, seasoning compounds and functional ingredients for the food industry, with special emphasis on processed meat and convenience food applications. A leader in Italy, the activity also enjoys sales in Russia, Ukraine, Poland, Czech Republic and France. The acquisition will help provide Frutarom with a more substantial presence in Italy, and among the assets purchased through the acquisition is a plant located in Parma, Italy, R&D laboratories and 45 employees.
According to Frutarom president and CEO Ori Yehudai, “This acquisition is a continuation of Frutarom’s rapid growth strategy, and further solidifies its position as one of the top ten flavor companies and as a leading global producer of savory solutions. The acquired activity holds significant market share in the fields of savory flavors and processed meat in Italy, and it will strengthen Frutarom's positioning among these customers while significantly increasing Frutarom's local presence and market share in this important market. The acquisition considerably boosts both Frutarom's technological capabilities and its product offering to customers worldwide in the field of savory flavors and functional products, as well as Frutarom's extensive global customer base.”