Frutarom Industries Ltd. announced the acquisition of the business and assets of CitraSource.
February 25/Haifa, Israel/Press Release -- Frutarom Industries Ltd. announced the acquisition of the business and assets of CitraSource for a consideration of $7.5 million plus an additional future payment conditional upon CitraSource's performance in the years 2014-2018. CitraSource specializes in R&D, manufacturing, marketing and selling of unique solutions in citrus specialty ingredients to major players in the global flavor and fragrances market, as well as to the food and beverage industries.
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.