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IFF, Frutarom Set Date for Completion of Acquisition

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IFF, Frutarom Set Date for Completion of Acquisition

NYSE-listed IFF announced it agreed to buy the Israeli flavor and fragrance company for $7.1 billion in May

CTech  :  2018-08-26T09:43:15..
NYSE-listed Flavors & Fragrances Inc. (IFF) and Israel-headquartered flavor and fragrance company Frutarom Industries Ltd. announced on Sunday that Frutarom’s acquisition will be completed on October 4. In a filing to the Tel Aviv Stock Exchange, Frutarom stated the deal has been approved by most relevant regulators, and approval from the remaining authorities is expected to be received prior to the date set.

Frutarom’s research and development and manufacturing operations will remain in Israel for at least three years following the acquisition, according to an earlier statement by the companies.

IFF, one of the world’s largest flavors and fragrances companies, announced in May it has agreed to pay $7.1 billion for Frutarom in a cash and stock deal that will see the latter become an IFF subsidiary. Frutarom has grown substantially over the past two years, buying around 20 companies, 12 of them in 2017.

Frutarom CEO Ori Yehudai. Photo: Amit Sha Frutarom CEO Ori Yehudai. Photo: Amit Sha'al Frutarom CEO Ori Yehudai. Photo: Amit Sha

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