Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; OTCBB:FRUTF) said that it bought the "savory" (non-sweet) operations and assets in Germany of Danish company Chr. Hansen (Christian Hansen) for $7.3 million.
The operations that were bought by Frutarom had sales of $7.7 million in 2008. There was a jump in the sales pace at the unit in the past nine months, and sales reached $7 million in that period alone. The figures were based on internal, unaudited, reports of Christian Hansen (CH), and so the actual results may differ.
The "savory" operations involve development, production, and marketing savory flavor products such as flavor concentrates, spice mixes, and functional raw materials for the food industry, particularly the meat industry.
The operation that was acquired has a production facility in Holdorf, Germany, about 140 kilometers (84 miles) from a Frutarom facility in that country. Frutarom intends to close the Holdorf site and move production to its other sites in Germany, in order to gain significant operational savings.
Published by Globes [online], Israel business news - www.globes-online.com - on June 21, 2009
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