Frutarom Industries has acquired the business operations and assets of Scandia Citrus LLC. of Florida, USA for US$6 million.
Scandia specializes in the research and development, manufacture, and sales and marketing of specialty solutions in the field of citrus for leading global customers in the flavor, food and beverages markets.
Its sales in 2014 totaled approximately US$8 million.
The transaction was completed upon the signing of the agreement and financed through bank debt.
This acquisition joins that of CitraSource last year that also specializes in citrus and whose production facilities and development laboratories are in Florida.
The acquisitions in Florida will help Frutarom further strengthen its center of excellence and business there in the field of citrus.
Scandia has global purchasing abilities in citrus from specialty crop growing and supply sources.
The company’s executives Wesley Beck and Dr. Robert Kryger will continue supporting the operations and, manage CitraSource with Frutarom’s Ben Yehuda and Aulick.
“Frutarom got its start in the cultivation and extracting of citrus in Israel. Today, 82 years after Frutarom was founded, citrus still makes up a large and important part of our activity and constitutes one of our competitive
advantages,” says Ori Yehudai, president and CEO of Frutarom Group.
“The acquisition of Scandia joins the eight acquisitions completed since the beginning of the year.”
“We will continue implementing our rapid and profitable growth strategy, and our strong pipeline of acquisitions will permit the continued realization and execution of further strategic acquisitions of companies and operations in our fields of activity.”