January 24/Haifa, Israel/PR Newswire Europe -- Frutarom Industries Ltd. announced the signing of an agreement to acquire the activity and assets of the British East Anglian Food Ingredients Ltd. (EAFI) for the amount of approximately $4.8 million. EAFI's turnover for the 12 months ending December 2010 is expected to total $8.4 million). The acquisition will be self-financed. Frutarom estimates that the deal will be completed within a number of weeks.
Founded in 1979, EAFI develops, manufactures, and markets savory taste solutions (the non-sweet taste spectrum). Its product range includes flavors, seasoning compounds and functional ingredients for the food industry with a specialization in the sectors of convenience food, snacks, and processed meat and fish. Among the assets being acquired is EAFI's operational facility in the U.K. which houses the company's R&D, marketing and manufacturing capabilities. EAFI employs roughly 35 employees and serves a broad customer base. EAFI's activities are synergetic with Frutarom's current activities in the U.K. and with Frutarom's savory competencies in Europe, which have grown significantly in recent years following a number of acquisitions in the sector. These acquisitions include the savory activity of Chr. Hansen, Gewurzmuller and Nesse in Germany (acquired in 2009, 2007 and 2006, respectively) along with the recent purchase of the Scandinavian savory activity of Rieber a few weeks ago.