Frutarom to Buy German Flavors and Fragrances Makers

Flavors and fragrances firm Frutarom Industries (Haifa, Israel) says it has signed an agreement to acquire flavors and fragrances producer Gewurzmuller (Stuttgart, Germany) and starter cultures maker Blessing Biotech (Stuttgart) for a combined total of $67 million. The deal includes an earn out mechanism for a future payment, such that the final consideration to be paid will reflect a value for the two companies based on a 7.1 multiple of 2007 Ebitda, Frutarom says. The companies have combined sales of $65 million, and operate plants at Stuttgart...

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