Frutarom buys Israeli company Turpaz; its 7th acquisition this year
Frutarom Industries Ltd (Frutarom) has signed an agreement for the purchase of 51 percent shares of Israeli company Turpaz Perfume and Flavor Extracts Ltd (Turpaz) at an overall cash-free debt-free company value of approx. $15.1 million.
The agreement includes an option for the purchase of the remaining balance of Turpaz shares starting about four years from the date of completion of the transaction at a price based on Turpaz’s business performance during the two years leading up to the date of notification on exercising the option. The transaction was completed upon signing and financed through bank debt.
This purchase will be consolidated into Frutarom’s flavours division.
Frutarom decided to launch a strategic move of developing global activity in fragrances, with emphasis on emerging markets with high growth rates. The Turpaz acquisition joins Frutarom’s small existing fragrances businesses situated mainly in India, Africa and Latin America.
Read more: Frutarom buys Israeli company Turpaz; its 7th acquisition this year
