Israel’s Frutarom buys 51% stake in fragrances firm Turpaz

Israeli specialty ingredients firm Frutarom Industries has acquired a 51% share of Turpaz Perfume and Flavour Extracts.

Valued at approximately NIS53.7m ($15.1m), the deal involved a payment of around NIS14.5m ($4.1m) and an investment of NIS27m ($7.6m).

Launched in 1970, Turpaz develops, produces, and markets fragrance solutions, with an approximate NIS23.3m ($6.2m) sales turnover reported for the 12 months ended in June this year.

The firm operates a research and development (R&D), manufacturing, and marketing site in Israel, as well as an R&D, production, sales, and marketing centre in New Jersey, US.

Frutarom Group president and CEO Ori Yehudai said: "The acquisition of Turpaz is an important step towards the implementation of Frutarom’s strategy to develop global business in fragrances.

“The field of fragrances is synergetic and complementary to the field of flavours in terms of, among other things, raw materials and production processes, and many players in Frutarom’s fields of activity engage in both flavours and fragrance activities together.”

With a goal to obtain a minimum of $2bn in sales by 2020, Frutarom intends to continue strategic acquisitions as part of its growth strategy.