Frutarom Industries acquires CitraSource

Frutarom Industries Ltd., one of the world's ten largest flavour and fine ingredients houses, continues executing on its strategy of achieving rapid and profitable growth and announces today the acquisition of the business and assets of CitraSource based in Florida, USA for a consideration of US$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 speciality ingredients to major players in the global flavour and fragrances market as well as to the food and beverage industries.

CitraSource's revenues in 2013 were about $7 million. CitraSource's customers include leading global flavours, food and beverage players. CitraSource's knowhow, expertise and capabilities across all ranges of citrus (Orange, Grapefruit, Lemon, Lime and Tangerine) will expand Frutarom's natural ingredients portfolio and together with CitraSource's worldwide sourcing network will add to Furtarom's leadership position in the market of production and selling of citrus speciality, an essential ingredient for flavours and many food and beverages products.

The CitraSource assets acquired, include a manufacturing facility and a refrigerated tank farm for storing different types of raw materials including citrus speciality, and 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.

"This acquisition, joined with the four we completed last year, strengthens our positions as a significant player in the global taste solutions and fine ingredients market. We will continue implementing our rapid and profitable growth strategy and identify and carry out additional acquisitions of companies and activities that are synergistic to our own."

For more information:
Ori Yehudai, President & CEO
Frutarom Ltd.
Tel: +972-9-9603800
Email: oyehudai@frutarom.com
www.frutarom.com