Turpaz Industries announced the acquisition of Polish company Carotex for $23.4 million and 22% of the shares in Turpaz’s Polish subsidiary, Pollena Aroma.
Founded in 1989, Carotex develops, markets and manufactures flavors and fragrances for a variety of industries, including food and beverage, personal care, air care and cosmetics. The company has a broad customer base across Europe, particularly in the beverage sector.
According to the press release, the founders of Carotex will join Pollena Aroma’s management team and assist in integrating the companies’ operations.
“We are pleased to welcome Carotex to the Turpaz group,” said Karen Cohen Khazon, chairperson and chief executive officer of Turpaz. “The acquisition of Carotex’s operations makes a strategic step in Turpaz’s expansion within the European flavor and fragrance market. Carotex synergistically complements Pollena’s operations, and the integration in the segment of sweet flavors and innovative solutions for the food and beverage industries, as well as in the fragrance segment, will enable Turpaz to achieve operational efficiencies and expand its customer and product portfolio. This acquisition brings significant value, including professional expertise, complementary products and a broad customer base. The merger will strengthen our presence and position in the European market and create greater value for our customers and shareholders.”
Lidia, Jan and Andrzej Tatrzański, founders of Carotex, added, “We are excited to join Turpaz Group and to merge Carotex with a company that shares our organizational culture, passion for innovation and commitment to excellence in flavors and fragrances. The merger between Carotex and Pollena creates true added value — a combination of deep expertise in the world of flavors and fragrances, advanced development and production capabilities, a strong understanding of customer needs and complementary geographic presence. We are confident that these synergies will allow us to expand our range of solutions, deliver even greater value to our customers and grow together to new heights, all while preserving Carotex’s legacy.”
