Frutarom Industries Ltd. continues implementing its rapid growth strategy, which made it one of the world’s 10 largest companies in the field of flavors and specialty fine ingredients. This time Frutarom acquired 100% of the share capital of the Australian company Taura Natural Ingredients Holding Ltd. in exchange for a cash payment of approximately US$ 70 million.
Taura was purchased without any debts and holding cash amounting to approximately US$ 2.5 million. The purchase agreement includes payment of an additional amount of approximately US$ 3.5 million conditional on Taura’s business performance over the 12 month period ending June 30, 2016. The transaction will be financed using bank credit.
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Taura was founded in 1973 as part of a New Zealand agricultural co-operative. Today Taura has evolved into a world leading player in concentrated and texturized fruit ingredients with manufacturing facilities in New Zealand and Belgium along with sales offices in the United States and in the UK, with an overall workforce totaling 130 employees.
Taura engages in a wide range of food products, particularly healthy snacks, breakfast cereals, confectionery, convenience foods and baked goods, using only natural ingredients for flavors, colors, more natural foods that are lower in sugar and calories.
Taura’s sales over the 12 months ending March 31, 2015 reached approximately US$ 40 million. Taura has a broad customer base that includes leading global and national food and beverage makers in the United States, the Asia-Pacific region and Europe.
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