Flavour of the month as IFF and Frutarom agree $7.1bn merger
Israeli company Frutarom has agreed a $7.1 billion merger with International Flavors & Fragrances (IFF) – the Wall Street-quoted company with operations in Haverhill.
IFF chairman and CEO, Andreas Fibig, said: “Together, IFF and Frutarom will become a global leader in taste, scent and nutrition, with a broader customer base, more diversified product offerings and increased market penetration.
“Through our integration planning work, we continue to be confident in the opportunities that lie ahead and the ability of the combination to accelerate profitable growth, enhance free cash flow and generate greater returns for IFF shareholders.”
Also quoted in Paris, IFF works across a range of industry segments and consumer markets and employs 7,300 people globally.
Anchored in Haifa, Frutarom Industries Ltd operates in the global flavours and natural fine ingredients markets. It has significant production and development centres on six continents and sells over 70,000 products to more than 30,000 customers in over 150 countries.
Its products are intended mainly for the food and beverages, flavour and fragrance extracts, pharmaceutical, nutraceutical, health food, functional food, food additives and cosmetics industries.
IFF has simultaneously posted strong first half and Q2 results. Second quarter nett sales were $920 million – up from $843 million year-on-year; reported operating profit for Q2 was $155m versus $152m in 2017.
• PHOTOGRAPH SHOWS: Andreas Fibig