Flavors and specialty fine ingredients company Frutarom Industries has agreed to acquire 100% of Taura Natural Ingredients for $70m.
Based in New Zealand, Taura Natural Ingredients employs 130 people across its advanced manufacturing facilities in New Zealand and Belgium along with sales offices in the US and UK.
Taura Natural employs Ultra Rapid Concentration (URC) technology to develop and produce natural fruit ingredients that are used in making healthy snacks, breakfast cereals, confectionery, convenience foods and baked goods.
The URC ingredients are said to increase the percentage of the final product's fruit content, improve and enhance flavor and texture as well as elongate shelf life.
Frutarom Group president and CEO Ori Yehudai said: "The acquisition accelerates the growth of our activity in Asia-Pacific markets, with emphasis on Australia and New Zealand, while for the first time we will have R&D, sales and marketing platforms and a production site located in New Zealand.
"Following the acquisition, Frutarom will benefit from bringing on board Taura's experienced and effective management team and employees at every level who will together with Frutarom contribute towards paving the way forward to continued and quickened growth."
As per the agreed terms, Frutarom is supposed to pay an additional amount of around $ 3.5m conditional on Taura's business performance over the 12 month period ending 30 June 2016.
Taura's generated around $40m in sales for the 12 months ending 31 March 2015.
