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/ By Cellia Shani /
Frutarom Industries Ltd. (“Frutarom”) today announced that it has signed an agreement for the acquisition of the South African JannDeRee (Pty) Limited company (“JannDeRee”) for the sum of US$5.2 M. JannDeRee’s sales turnover in 2012 came to approximately US$5 M. The transaction was completed at the time of signing.
JannDeRee, founded in 1993, develops, manufactures, and markets flavors with an emphasis on savory flavors and sweet flavor solutions.
JannDeRee, which has been growing rapidly over the last few years, has an R&D, production and marketing site in Johannesburg, South Africa, located adjacent to Frutarom’s South African site, and a wide customer base also in other important emerging countries in the sub-Saharan region such as Malawi, Zimbabwe and Mozambique. JannDeRee’s activities are synergetic with Frutarom’s activities in South Africa, which have grown at rates higher than the rate of market growth over the past few years.
Frutarom has recently further strengthened its presence in African markets by adding additional sales personnel in key countries such as Nigeria.
Frutarom will take immediate actions to integrate activities, including integration of R&D, marketing and sales infrastructures, purchase, production and supply. JannDeRee’s management, headed by its Managing Director, will become part of Frutarom’s management in Africa, and they will act jointly to accelerate Frutarom’s growth in the region.
According to Frutarom’s President and Chief Executive Officer, Ori Yehudai: “The acquisition will substantially strengthen Frutarom’s positioning in these fast growing regions of Africa. We will continue to invest in the fast growing regions of Asia, Central and South America, Central and Eastern Europe and Africa, following a market share in emerging markets which has grown from 27% in 2010 to 36% in 2012”.