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Frutarom Purchases Abaco
Posted: July 4, 2007
Frutarom USA (North Bergen, NJ)—a subsidiary of Haifa, Israel's, Frutarom—has acquired Abaco (Eastanollee, GA), a producer of flavor and fragrance materials. The purchase price totaled $4 million, with Frutarom USA assuming $1.1 million of Abaco's debt. Abaco's 2006 sales totaled ~$3.2 million. The move comes just days after Frutarom announced its purchase of Adumim Food Additives. The acquisition of Abaco marks the company's fifth 2007 purchase, including Jupiter Flavors, Raychan Food Industries and Belmay. The Georgia-based manufacturer increases Frutarom's US presence and ingredient portfolio. In remarks regarding the purchase, the company stated that it continues to seek out additional strategic acquisitions.
Of the latest purchase, Frutarom president and CEO Ori Yehudai said, "The acquisition of Abaco ... demonstrates the continued implementation of the rapid growth strategy of the Frutarom Group, which is already one of the 10 largest companies in the world in the flavor and fragrance field."