Eight is great: Frutarom finalizes another acquisition

by Eric Schroeder
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Foote & Jenks develops, manufactures and markets flavor extracts for the pharma, food and beverages industries.

HERZLIYA, ISRAEL — The transaction train continues for Frutarom Industries Ltd. as the global flavors and ingredients company announced it has acquired 100% of the share capital of Camden, N.J.-based flavors company Foote & Jenks for approximately $4 million. The acquisition of F&J is the eighth acquisition Frutarom has completed this year.

Founded in the early 1980s, F&J develops, manufactures and markets flavor extracts for the pharma, food and beverages industries. The company has 10 employees, a site in New Jersey for its production, R.&D. and marketing activities, and a broad customer base in North America. The company had sales of approximately $2.9 million in 2014.

“This is an acquisition of growing and profitable flavor activity, Frutarom’s most profitable core field,” said Ori Yehudai, president and chief executive officer of Frutarom. “A major part of F&J sales is to customers in the pharma industry who demand advanced solutions for masking the aftertaste of active ingredients contained in their products, as well as high quality, and conformance with strict regulatory requirements.

“Frutarom already operates in this area and views it as an attractive field of endeavor for itself, which also provides a good fit with the activity of its specialty fine ingredients division that includes activity in active ingredients with added health value for the pharma and nutraceutical industries. We see significant synergies between F&J activity and Frutarom’s flavors activity in the U.S., and we intend to leverage the cross-selling possibilities that this acquisition generates both by expanding the product portfolio and by broadening the customer base.”

Frutarom earlier this month acquired Taura Natural Ingredients Holding Ltd., a leader in concentrated and texturized fruit ingredients, for approximately $70 million. The company earlier acquired Ingredients Naturales Seleccionados SL of Spain (Ingrenat), which specializes in plant extracts, and FoodBlenders Ltd., which is based in the United Kingdom and develops, manufactures and markets savory systems. The company also bought Markovci, Slovenia-based Vitiva, which specializes in the research and development, production, marketing and sales of plant extracts and naturally-sourced colors.
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