Frutarom Industries Ltd. (Haifa, Israel) has announced the signing of an agreement to purchase the shares of Vitiva of Slovenia for a cash payment of approximately $10 million. Vitiva specializes in the research and development, production, marketing and sales of specialty natural extracts from plants exhibiting antioxidant activity or scientifically proven health attributes backed up by clinical studies and of natural colors for customers in the food, pharmaceutical, nutraceutical and cosmetics markets. Among its customers are some of the world’s top food, pharmaceuticals and cosmetics manufacturers. Vitiva’s revenues have grown from $8.7 million in 2013 to approximately $11 million for the 12-month period ending November 2014 (27 percent increase). Its activity will be integrated within the framework of Frutarom’s specialty fine ingredients division.
“The acquisition of Vitiva brings Frutarom advanced R&D capabilities and a top-rate experienced management team. The acquisition represents another milestone in carrying out Frutarom’s rapid and profitable growth strategy while broadening our portfolio of natural products and solutions at this important crossroads of consumer preference for healthier and tastier products making inroads in the worldwide food, health and cosmetics industries,” said Ori Yehudai, president and CEO of Frutarom Group.
For more information, visit www.frutarom.com.