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Update: Frutarom Acquires 97.6% of Etol Shares

Posted: March 19, 2012

Frutarom Industries Ltd. is a step closer to completing its acquisition of Etol d.d., a Slovenian company that specializes in developing and manufacturing flavors, especially natural flavors. Etol has 240 employees and its products are sold in more than 47 countries. Its sales turnover grew 46% between 2006 and 2010.

This growing company should help Frutarom's expansion in Eastern and Central Europe, a boon to the company that saw a 15% sales increase in 2011 for a record $518.4 million. Over the next few weeks, it is expected that Frutarom will remove Etol from the Slovenian stock exchange and purchase the remaining shares.