IFF says acquisition will establish the company as a leader in natural taste, scent, and nutrition. Frutarom markets and sells over 70,000 products to more than 30,000 customers in over 150 countries. More than 75% of Frutarom’s sales are in natural products, including natural colors, health and beauty ingredients, natural food protection and enzymes.
“Frutarom has an extremely attractive product portfolio, including broad expertise in naturals and diverse adjacencies with capabilities beyond our core taste and scent businesses,” says IFF Chairman and CEO, Andreas Fibig. “It also has significant exposure to complementary and fast-growing small- and mid-sized customers.”
Under the terms of the agreement, which has been unanimously approved by the Boards of Directors of both companies, Frutarom’s shareholders will receive for each Frutarom share $71.19 in cash and 0.249 of a share of IFF common stock, which, based on the 10-day volume weighted average price for IFF’s common stock for the period ending May 4, 2018, represents a total value of $106.25 per share. IFF expects $145 million in synergies by the third year after the deal closes.