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Markets :: Specialty Chemicals :: Flavors and fragrances

Frutarom completes acquisition of Russian flavors company

2:52 AM MST | November 21, 2013 | Deepti Ramesh

Flavors and fine ingredients company Frutarom Industries (Haifa, Israel) says it has completed the previously announced acquisition of a 75% stake in Protein Technologies Ingredients Group (PTI; Moscow), for $50.3 million. Frutarom first announced plans for the acquisition on 18 November. The agreement includes an option to acquire the remaining stake in PTI within three years. PTI has net assets valued above $40 million and no debt. PTI had sales of $111 million in 2012, Frutarom says. PTI, which was established in 1996, is engaged in the development...

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