Frutarom acquires New Zealand’s Taura; seventh acquisition this year

Frutarom acquires New Zealand’s Taura; seventh acquisition this year

7:39 AM, 18th June 2015
Frutarom acquires New Zealand’s Taura; seventh acquisition this year
Ori Yehudai, president and CEO, Frutarom Group. (File photo)

HERZLIYA, ISRAEL: Frutarom Industries Ltd, one of the world’s 10 largest companies in the field of flavours and specialty fine ingredients, said it has agreed to acquire 100 percent shares of the Australian company Taura Natural Ingredients Holding Ltd in exchange for a cash payment of approximately $70 million.

This is Frutarom’s seventh acquisition in this year and the company continues to identify further strategic acquisitions, with special focus on fast-growing markets, it said.

Taura was purchased without any debts and holding cash amounting to approximately $2.5 million. The purchase agreement includes payment of an additional amount of approximately $3.5 million conditional on Taura’s business performance over the 12 month period ending 30 June, 2016.

Taura known for concentrated and texturized fruit ingredients, has manufacturing facilities in New Zealand and Belgium along with sales offices in the US and UK, with an overall workforce totalling 130 employees.

Taura’s ultra rapid concentration (URC) technology ingredients raises the percentage of the final product’s fruit content, enhances flavour and texture as well as lengthen shelf life using only natural ingredients, qualities benefiting from the rapidly growing trend toward healthier, more natural foods that are lower in sugar and calories. Taura’s sales over the 12 months ending 31 March reached approximately $40 million.

“The acquisition of Taura, a global leader in taste and fruit solutions, accelerates the growth of our activity in Asia-Pacific markets, with emphasis on Australia and New Zealand, while for the first time we will have R&D, sales and marketing platforms and a production site located in New Zealand. The acquisition will also help strengthen Frutarom’s purchasing platform and abilities in natural raw materials, particularly fruit, in source countries,” said Ori Yehudai, president and CEO, Frutarom Group.

“Taura’s URC made, fruit based building blocks have a strong complementary fit to Frutarom’s activities in natural flavours, fine ingredients and fruit solutions. We will be able to boost our highly specialized portfolio of innovative products and also enhance Taura’s presence in key growth markets and set the scene for solid growth in the US market,” said Peter Dehasque, CEO, Taura, who will continue to manage the company.

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