Frutarom to acquire Brazilian flavor company
HAIFA, ISRAEL — Frutarom Industries Ltd. has agreed to acquire the Brazilian Mylner Indústria E Comércio Ltda. for approximately $15.7 million. Founded in 1974, Mylner develops, manufactures and markets flavor solutions, focusing mainly on sweet flavors for beverages and baked goods, and natural flavor products. The company has a modern development, production and marketing site in the area of Sao Paulo, Brazil, including land for future expansion, and employs approximately 70 workers.
The acquisition, Frutarom’s eighth over the past year but first in Brazil, is expected to increase its customer base, product portfolio and the scope of its sales in the flavors market, while deepening its operations and market share in the growing Brazilian market and in Latin American markets. Frutarom said it plans to utilize Mylner’s production, development, sales and management, capacities as a base for the development of its business in this important developing region.
According to Frutarom, revenues at Mylner grew to $11.4 million in 2011 from $6.8 million in 2007, including 8% sales growth over the past year.
“After five acquisitions in 2011, Frutarom continues to pursue additional strategic acquisitions and to implement its rapid growth strategy with this third acquisition since the beginning of 2012,” said Ori Yehudai, president and chief executive officer of Frutarom. “Frutarom considers this acquisition of Mylner to be an important strategic step and a significant first entry into the taste solutions market in the important and large Brazilian market and in Latin American markets, which strengthens its presence and market share in these high growth potential markets.”
Frutarom is a global company operating in the global flavor and fine ingredients markets. The company has production and development centers in three continents and markets its products in five continents to more than 13,000 customers in more than 130 countries. Frutarom’s products are intended mainly for the food, beverage, flavor, fragrance, pharmaceutical, nutraceutical, health food, functional food, food additives and cosmetic industries.