Frutarom Takes CitraSource
Frutarom Industries Ltd. announced the acquisition of the business and assets of CitraSource.
CitraSource's revenues in 2013 were about $7 million, and its knowhow, expertise and capabilities across all ranges of citrus (Orange, Grapefruit, Lemon, Lime and Tangerine) is expected to expand Frutarom's natural ingredients portfolio and, together with CitraSource's worldwide sourcing network, to add to Furtarom's position in the market of production and selling of citrus specialty, an essential ingredient for flavors and many food and beverages products.
The CitraSource assets include a manufacturing facility and a refrigerated tank farm for storing different types of raw materials including citrus specialty, as well as inventory. These will be integrated into Frutarom's global supply chain and production infrastructure and will contribute to the expansion and strengthening of Frutarom's global purchasing system.
CitraSource managers Niv Ben Yehuda and Randy Aulick will continue managing CitraSource activity, supporting Frutarom's efforts in growing its global citrus business. CitraSource's activity will be consolidated into Frutarom's Fine Ingredients Activity.
Ori Yehudai, president and CEO of Frutarom, commented, "Frutarom is a leading global manufacturer of specialty citrus solutions, and the acquisition of CitraSource is another step in the execution of our strategy of achieving rapid and profitable growth based on natural and healthy products. Frutarom started its activity in 1933 by growing and developing citrus based solutions in Israel. Citrus specialty remains an important part of our business and is considered an important contributor to our success. The strengthening of our control over the sourcing of our raw materials (back integration) which CitraSource brings us, will further enhance our leadership position in the market for citrus specialty ingredients and will allow us to expand our product portfolio and provide added value to our customers."