Frutarom now plans to acquire Etol's remaining shares from the rest of the shareholders. Frutarom holds 98% of Etol shares, and upon acquisition of the remaining shares, will hold all of Etol's share capital. The total acquisition price will be approximately. €35.5m.
In March, Frutarom completed the acquisition of Etol, increasing its total stake in the flavors company by 34.2% to 97.6% for €141 per share.
Etol, which has a manufacturing and marketing site in Sofia Vas, Slovenia, develops natural flavour products based on local fruits of the region for the food and beverage industry.
The company is also actively involved in developing bases for beverages, which Frutarom intends to expand further.
Etol's products are sold to a wide customer base in Central and Eastern Europe and in emerging markets, including Russia, Poland, the Ukraine, Turkey, Croatia, Slovenia, Serbia, Belarus, Slovakia, Macedonia, the Czech Republic, Kazakhstan as well as developed countries such as the UK.
This deal marks Frutarom's eighth acquisition since the beginning of 2011. In February, Frutarom bought Brazilian flavour company Mylner Indústria E Comércio in a deal worth BRL27.1m ($15.7m).
Frutarom, headquartered in Haifa, Israel, develops, produces and markets flavours and speciality fine ingredients.
