Frutarom acquires Belmay Ltd.
March 28, 2007
by FoodBusinessNews.net Staff
HAIFA, ISRAEL — Frutarom Industries Ltd. has acquired all of the share capital of Belmay Ltd. — a British company with subsidiaries in Singapore, Norway and Denmark.
Belmay is a flavor house that develops, produces and markets flavors with a specific focus on natural flavors. The acquisition involves a cash payment of $17.1 million, and Belmay’s sales for 2006 totaled about $15.1 million.
"This acquisition, which is an additional step in the implementation of Frutarom’s rapid growth strategy and of realizing its vision, ‘To be the preferred partner for tasty and healthy success’, is an important strategic acquisition that makes Frutarom the leading flavor house in the British market and enhances its presence and position in additional important target markets," said Ori Yehudai, president and chief executive officer of the Frutarom Group. "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 is currently reviewing its own and Belmay’s operations and with a goal of achieving an annual operational savings of about $3 million.