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Report: IFF To Buy Israel's Aromor Flavors & Fragrances for $88 Million
Posted: January 15, 2014
International Flavors & Fragrances plans to purchase Aromor Flavors & Fragrances Ltd., a private company based in a kibbutz in northern Israel, for around $88 million, according to recent news reports in Israel.
Aromor, established in 1982, produces natural, natural identical and synthetic raw materials for the flavor and fragrances industries. IFF has been Aromor’s biggest client, accounting for 17% of revenues, a Haaretz Newspaper report in Israel said.
Aromor is owned by Kibbutz Givat Oz (50%) and a group of former executives of agrochemicals producer Makhteshim Agan (50%), according to reports. As part of the acquisition deal, IFF will lease the land under the Aromor factory, on Kibbutz Givat Oz, for 10 years with an option to extend the lease by an additional 10 years, the Haaretz report said.
Aromor has 80 employees, 20 of whom are members of Kibbutz Givat Oz, a Globes report noted.
It also has a sales unit based in Englewood Cliffs, New Jersey.