Frutarom has jumped on the acquisition trail once more, striking a deal to acquire 100 percent of the shares in Israeli Biotechnology Research (IBR) for US$21 million. The transaction was completed upon signing and financed through bank debt.
“The IBR acquisition is yet another strategic acquisition of activity in Frutarom’s growing core field which will enable us to offer our customers a broader portfolio of innovative solutions, and an important step in implementing Frutarom’s strategic plan to develop worldwide business in to the growing and profitable fields of natural cosmetics,” said Ori Yehudai, President and CEO of Frutarom Group. “We continue to expand our portfolio of unique and natural products, already constituting 75 percent of our sale volume.”
The acquisition is Frutarom’s first in 2017, and its 32nd since 2015. The company has no intention of slowing down, revealing in a statement that it has an ‘outstanding pipeline’ for further strategic acquisitions within the scope of its operations and will continue to invest in order to achieve sales of US$2.25 billion by 2020.