Abstract

Frutarom, the acquisitive Israeli flavor and fragrance firm, will soon be itself acquired by International Flavors & Fragrances in a $7.1 billion cash and stock transaction. The deal continues a rush among big ingredient suppliers to buy natural ingredient assets. Frutarom’s $1.6 billion in projected sales this year will bring IFF’s sales to about $5.3 billion when the deal is completed in the next six to nine months. IFF, now the fourth-largest flavor and fragrance maker, will vault ahead of Firmenich to occupy the number two spot just behind Givaudan, IFF says. IFF CEO Andreas Fibig calls Frutarom “extremely attractive” for its “broad expertise in naturals and diverse adjacencies, with capabilities beyond our core taste and scent business.” Among those adjacencies are fast-growing categories such as enzymes, antioxidants, and natural colors. For Frutarom, the acquisition is a final chapter for a company that started as a maker of extracts and

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