Weeks after announcing it has accepted a $7.1-billion buyout offer from Flavors & Fragrances Inc., Israel-based Frutarom Industries Ltd. said on Thursday it has completed the acquisition of a 51% stake in the much smaller Brazilian company Bremil Indústria Ltda. for $30 million.
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Frutarom, which has bought more than 30 companies since 2015, will continue to pursue acquisitions of smaller companies even as the IFF deal is being finalized, Frutarom CEO Ori Yehudai told Calcalist in an interview this week.
The plan to acquire Bremil, a producer of savory solutions, was first announced in December.
Bremil’s sales of food products totaled $38 million in the past year, according to a statement from Frutarom. The Brazil-based firm has 250 workers and 450 customers in Brazil. The company’s founders and executive will continue to run the company and retain a 49% ownership stake.
“The acquisition of Bremil is a continuation of the implementation of Frutarom Group's rapid profitable growth strategy,” Mr. Yehudai said in a statement. “This is an important strategic acquisition which enables Frutarom to make an additional major leap forward in strengthening its global leadership in savory solutions, as well as substantially reinforcing our position in the growing Brazilian market in particular and in Latin America in general.”