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Frutarom Acquires Israeli Perfume Company Turpaz

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Perfume in the Middle East

Frutarom has announced its recent acquisition of Israeli company Turpaz Perfume and Flavor Extracts, after acquiring 51% of the shares at the price of approximately US $15.1 million.

Since 1970, Turpaz has been mainly engaged in the development, production and marketing of fragrance solutions. According to Turpaz’s records, sales turnover for the 12 months ending in June 2017 totaled approximately US $6.2 million. The agreement includes an option to purchase the remaining balance of shares after four years.

"The acquisition of Turpaz is an important step towards the implementation of Frutarom’s strategy to develop global business in fragrances. The field of fragrances is synergetic and complementary to the field of flavors in terms of, among other things, raw materials and production processes, and many players in Frutarom’s fields of activity engage in both flavors and fragrance activities together. Frutarom’s strong management is now solid enough and well enough established to develop this additional area of activity,” said Ori Yehudai, president and CEO of Frutarom Group.

This move comes at a time where Frutarom is paying close attention to emerging markets with high growth rates. In addition to this business, Frutarom operates fragrance establishments in India, Africa and Latin America.