Frutarom (Haifa, Israel) has signed an agreement to acquire 100% of the share capital in the British company Jupiter Flavours Ltd., which develops, produces and markets flavors. Frutarom has made a cash payment of US$2.8 million. Jupiter showed high growth rates over the past few years and its sales volume for the 12 months period preceding the acquisition was approximately US$2 million.
The purchase is synergistic with Frutarom’s activity in Britain and is expected to expand Frutarom’s product offering to its customers, as well as adding new leading customers to the company’s existing customer base in Britain. Frutarom intends to integrate the acquired activity with its own activity in the British market in order to achieve the greatest possible operation efficiency and savings, and estimates that this will not require additional resources. This recent acquisition follows last month’s acquisition of the British company, Belmay.