Deals
Biggest Acquisition Drives Frutarom Up the Most Since 2009
- Coca-Cola flavor maker has nearly doubled revenue in 5 years
- TA-25's top performer this year adds to string of purchases
This article is for subscribers only.
Frutarom Industries Ltd. is targeting $2 billion in sales by 2020, after what the maker of flavors for Coca-Cola Co. and Nestle SA said is its biggest acquisition to date.
Shares of the Haifa, Israel-based company soared 11 percent, the most since January 2009, to 191 shekels. Frutarom signed an agreement to buy Austrian flavor company Wiberg GmbH for about $130 million which will be financed by bank debt and is expected to lead to more than $12 million in savings on an annual basis, the company said in an e-mailed statement.