Adumim Food Additives has a market cap of NIS 18 million.
Sources inform ''Globes'' that Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; Pink Sheets:FRUTF.PK) is negotiating to acquire Adumim Food Additives Ltd. (TASE:ADUM), which was recently taken over by Emilia Development (OFG) Ltd. (TASE:EMDV). Adumim has a market cap of NIS 18 million.
The asking price for Adumim is not known, but will not be significant for Frutarom in any event. Adumim posted a net profit of NIS 560,000 on NIS 7 million revenue for the first quarter of 2007.
The food additives industry is undergoing consolidation, and Frutrom is one of the big buyers. Frutarom president is Ori Yehudai and it is controlled by ICC Industries chairman John Farber.
Published by Globes [online], Israel business news - www.globes.co.il - on June 25, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007