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Continuing its acquisition track, Frutarom (Haifa, Israel) has agreed to acquire Savoury Flavours (Holding) Ltd. (SFL; Manningtree, England) and its subsidiaries for about $5.88 million. The transaction was completed upon signing.
SFL's activities include the production of savory flavors, seasoning compounds, marinates and sauces, primarily for the snacks and convenience foods sectors, including private labels. Founded in 1999, the company grew 28% from a turnover of approximately $5 million in the 12 months ending Sept. 30, 2010, to turnover of approximately $6.6 million for the same period in 2011.
SFL's production site is located close to EAFI's production site, which manufacturers savory products also. Mark Towler, managing director and founder of SFL, will continue to manage the business.
"After five acquisitions completed in 2011, Frutarom is opening 2012 with an additional acquisition, which continues to strengthen its activities in the savory segment in Europe and in developing markets," said Frutarom president and CEO Ori Yehudai. "This is an additional step towards strengthening Frutarom's position in the UK market, where Frutarom in currently a leading sweet flavors manufacturer.