FRUTAROM Acquires the Savory Functional Systems Activities of CHR. HANSEN GROUP in Germany
The activity’s 2008 sales totaled about Euro 5.6 M - FRUTAROM continues to implement rapid growth strategy and to carry out attractive Acquisitions
Frutarom Industries Ltd. (LSE: FRUTq, TASE: FRUT, OTC: FRUTF) ("Frutarom") announced that it has signed an agreement to acquire the Savory activity and assets of Chr. Hansen A/S (hereunder: "CH") in Germany, in consideration for a cash payment of approximately US$ 7.3 million (Euro 5.275 million). The activity's 2008 sales (for the financial year ending on August 31, 2008) totaled approximately US$ 7.7 M (about Euro 5.6 M). In the last 9 months, the sales of the acquired activity demonstrated growth and reached approximately US$ 7 M (about Euro 5 M)The Savory Functional Systems activities of CH develops, produces and markets unique and innovative savory solutions (the non-sweet taste spectrum), including flavors, seasoning compounds and functional ingredients for the food industry, with special emphasis on the fields of processed meat and convenience food. The acquired activity holds an extensive customer base, mainly among leading meat producers in Germany, and export activities to Scandinavia and UK. This activity is extremely synergetic to Frutarom's German activities, Gewurzmuller and Nesse, acquired in 2007 and 2006.