Etol Take over

Frutarom Industries Ltd has announced its successful takeover bid of Slovenian flavours manufacturer Etol dd for €34.6m. This move sees Frutarom further strengthen its presence in emerging markets and also expands its natural flavours portfolio.

Frutarom now holds 97.6% of Etol’s shares. Frutarom will act to delist Etol from the Slovenian Stock Exchange and to acquire the balance of shares in Etol from the remaining shareholders.

Etol develops, manufactures and markets flavors, focusing on natural flavor products for the food and beverage industry. Etol also develops fruit-based flavors and products and food systems, specializing in local fruits of the region, as well as extensive activities in the growing area of bases for beverages that Frutarom has identified as a strategic area for the company, and in which it plans to further invest in order to substantially expand its activity.

Etol’s products are sold to more than 47 countries outside of Slovenia, to a wide customer base in Central and Eastern Europe and in emerging markets, including Russia, Poland, the Ukraine, Turkey, Croatia, Serbia, Belarus, Hungary, Slovakia, Macedonia, the Czech Republic, Kazakhstan and other emerging markets characterized by higher than average growth rates in comparison with the world average market growth.

Frutarom’s President and Chief Executive Officer, Ori Yehudai, said: “Frutarom considers this an important and strategic acquisition, which significantly expands Frutarom’s operations in Central and Eastern Europe and strengthens its presence and market share in these fast-growing markets, and further positions Frutarom as a leading global player.”