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Israel's Frutarom to be acquired by IFF at USD7.1bn
(MENAFN) Israeli flavor manufacturer Frutarom was declared to be purchased by International Flavors & Fragrances at a worth of USD7.1 billion of cash and stocks.
The conditions of the agreement have been accepted by both companies' boards of directors, the Israeli manufacturer confirmed in its statement.
The deal comes in line with International Flavors & Fragrances' attempts to see growth in taste, scent, and nutrition markets.
IFF Chairman and CEO Andreas Fibig stated "by combining our deep R&D expertise with Frutarom's, we are offering our customers a broader range of solutions and accelerating our growth strategy."
The CEO added "we believe this combination will lead to faster and more profitable growth, enhanced free cash flow and generate greater returns for our shareholders."
Frutarom President and CEO Ori Yehudai also explained that the agreement "marks the culmination of a decades-long vision to become a global leader in taste and health."
The conditions of the agreement have been accepted by both companies' boards of directors, the Israeli manufacturer confirmed in its statement.
The deal comes in line with International Flavors & Fragrances' attempts to see growth in taste, scent, and nutrition markets.
IFF Chairman and CEO Andreas Fibig stated "by combining our deep R&D expertise with Frutarom's, we are offering our customers a broader range of solutions and accelerating our growth strategy."
The CEO added "we believe this combination will lead to faster and more profitable growth, enhanced free cash flow and generate greater returns for our shareholders."
Frutarom President and CEO Ori Yehudai also explained that the agreement "marks the culmination of a decades-long vision to become a global leader in taste and health."
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