Food Company Acquisition (SALES $15.1 million; SALES PRICE $17.1 million)
Frutarom acquires UK flavors company Belmay 29th March 2007 By Laura Ellis
Israel-based Frutarom Industries has signed an agreement to acquire the UK flavors company Belmay for $17.1 million in cash.
RELATED ARTICLESFrutarom pays $4 million for Abaco in the US
Frutarom set to acquire Adumim Food Additives for $4.25 million 2 Jul 2007
Frutarom, a flavors and ingredients company, said that Belmay has subsidiaries in Singapore, Norway and Denmark, in addition to Belmay's UK site, which is located close to Frutarom's current production site in the UK.
Ori Yehudai, president and CEO of Frutarom, said: "Belmay's acquisition significantly strengthens Frutarom's technological capabilities and the product portfolio it offers its customers in the flavors field, especially in soft drinks and alcoholic beverages."
Frutarom said it is reviewing it's own and Belmay's activity in various countries and will take steps to achieve the greatest efficiency and annual operational savings of approximately $3 million.
Fruatrom said Belmay recently established a special research department to develop organic products. This department will be integrated with Frutarom's growing business in organic products.
Belmay's sales for 2006 totaled approximately $15.1 million.
