Frutarom Industries, one of the world’s 10 largest flavor and fine ingredients houses, has bought up CitraSource, which specializes in R&D, manufacturing, marketing and selling of unique solutions in citrus specialty ingredients, for $7.5 million plus an additional future payment conditional upon CitraSource’s performance in the years 2014-2018.
Frutarom acquired four other companies last year to continue its mission to invest in innovative, unique technologies for processing, extracting and refining of citrus fruits.
CitraSource’s brings Frutarom advanced R&D and global sourcing capabilities, in the US, Central and South America in particular, leading, experienced management team and presence in Florida, one of the world’s main citrus centers.
“Frutarom is a leading global manufacturer of specialty citrus solutions, and the acquisition of CitraSource is another step in the execution of our strategy of achieving rapid and profitable growth based on natural and healthy products. Frutarom started its activity in 1933 by growing and developing citrus based solutions in Israel. Citrus specialty remains an important part of our business and is considered an important contributor to our success. The strengthening of our control over the sourcing of our raw materials (back integration) which CitraSource brings us, will further enhance our leadership position in the market for citrus specialty ingredients and will allow us to expand our product portfolio and provide added value to our customers,” said Ori Yehudai, President and CEO of Frutarom.
Frutarom markets its products in five continents to over 15,800 customers in more than 145 countries.