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Frutarom Acquires RAD
Posted on: 11/21/2007
by Somlynn Rorie
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HAIFA, Israel—Frutarom Industries added RAD Natural Technologies, a company specializing in patented natural plant extracts and products with antioxidant properties for use in food, dietary supplements and cosmetic products, to its portfolio, making Frutarom one of the ten leading flavor companies in the world. Purchased for $4.1 million, RAD’s acquisition falls in line with Frutarom’s strategy to expand its range of natural health and taste offerings. During 2006, RAD’s sales totaled $1.2 million; sales were $0.9 million for the first six months of 2007. In accordance with the agreement, Frutarom acquired RAD’s assets but not its liabilities for a payment of $4.1 million which was financed through bank loans. The companies also agreed an additional payment would be offered if accumulated sales for RAD’s products in 2008 and 2009 exceed $11.1 million; the maximum additional payment to RAD would be $4.9 million. RAD’s patented and existing products will be integrated into Frutarom’s flavors division, but may also tie into its fine ingredients division, which produces and markets natural flavor extracts, nutraceutical extracts, specialty essential oils and citrus products, as well as aroma chemicals.
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