December 29/Haifa, Israel/PR Newswire Europe -- Frutarom Industries Ltd. announced the signing of an agreement to acquire Rieber Industrial Spices Savory activity and its fixed assets of Rieber & Son ASA from Norway, at the amount of approximately $4.2 million. Rieber's annual turnover in 2010 expected to total $6.3 million. The acquisition will be self-financed. The acquisition is subject to the approval of the Norwegian Competition Authority. Frutarom estimates that the approval will be obtained within a number of weeks.
Rieber is an activity of the international food manufacturer Rieber & Son ASA, and engages in the development, manufacture, and marketing of savory taste solutions (the non-sweet taste spectrum). Its product line includes flavors, seasoning compounds, and functional ingredients for the food industry, with a specialization in the processed meat, fish, and convenience food sectors. Rieber's R&D, marketing, and manufacturing capabilities are located in its operational facility in Norway. Rieber serves a broad customer base including leading food manufacturers located mainly in Scandinavia. Its activities are highly synergetic with Frutarom's current savory competencies in Europe, which have grown significantly in recent years following the acquisitions of the savory activity of Chr. Hansen, Gewurzmuller and Nesse in Germany (acquired in 2009, 2007 and 2006 respectively).