Frutarom to acquire Oxford Chemicals
January 05, 2009
by FoodBusinessNews.net Staff
HAIFA, ISRAEL — Frutarom Industries Ltd. has signed an agreement to acquire the assets and business of Oxford Chemicals, Ltd., a U.K.-based company. The transaction is under consideration for approximately $12 million.
"The acquisition of Oxford continues the implementation of Frutarom’s rapid growth strategy and further supports Frutarom’s position, which is already one of the 10 largest companies in the world of flavors’ field," said Ori Yehudai, president and chief executive officer. "Frutarom will act immediately to integrate Oxford’s activity with that of Frutarom’s Fine Ingredients Division while realizing and utilizing the extensive commercial and operational synergy that exists between Frutarom’s operations and Oxford’s operations in order to take maximum advantage of the cross-selling opportunities and achieving maximum cost savings."
Oxford develops, produces and markets specialty ingredients for the flavor and fragrance industry. The acquisition should enhance the product offering of Frutarom’s Fine Ingredients Division and its customer base around world.
The acquired business and assets has 2007 sales of about $14 million.