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Frutarom

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Frutarom Industries Ltd.
IndustryChemicals, food
Founded1933; 91 years ago (1933)
FounderYehuda Araten, Maurice Gerzon
Headquarters
Haifa
,
Israel
Key people
Ori Yehudai, President and CEO
Dr. John J. Farber, Chairman[1]
ProductsFlavors and fragrances
RevenueUS$ 872.8 million (2015)[2]
US$ 130.25 million (2015)[2]
US$ 96.08 million (2015)[2]
Total assetsUS$ 1,318.48 million (2015)[2]
Total equityUS$ 551.68 million (2015)[2]
Number of employees
2,700
ParentInternational Flavors and Fragrances

Frutarom Industries Ltd. (Hebrew: פרוטרום תעשיות בע"מ) is an Israeli-based company that specializes in the production and distribution of extracts for flavor and fragrance. In 2015 it recorded sales of over $872 million.[3][4]

Shares of the company had traded on the London Stock Exchange and the Tel Aviv Stock Exchange until it was acquired by International Flavors & Fragrances in 2018.[5]

The company is traded in the Tel Aviv Stock Exchange under the symbol FRUTF, and is part of the Tel Aviv 35 Index.[6]

Overview

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The Frutarom Group is a flavor and ingredients company based in Haifa, Israel. The company develops, manufactures, and markets an extensive variety of flavors and ingredients catered to customers in a range of industries around the world. Frutarom operates through two major divisions:

  • Flavors Division – develops, produces, and markets flavor compounds and food system solutions.[7]
  • Fine Ingredients Division – develops, produces and markets flavor extracts, functional food ingredients, pharmaceutical/nutraceutical extracts, specialty essential oils, citrus products and aroma chemicals.[citation needed]

History

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The main hall at the "FRUTAROM"

Frutarom was established by Yehuda Araten and Maurice Gerzon, two industrialists from the Netherlands in 1933. They chose to build their first plant in an almost desert-like area between Haifa and Acco in Israel, making Frutarom one of Israel's earliest industrial enterprises. In 1952, Frutarom became a subsidiary of the newly established Electrochemical Industries (Frutarom) Ltd (EIF). By 1973 ICC Industries, owned by Dr. John J. Farber, became the controlling party of EIF and Frutarom. Since the 1990s, Frutarom has expanded by establishing itself overseas beginning with the acquisition of a small US company in 1990. Frutarom now has subsidiaries in Israel, the United States, the UK, Switzerland, Russia, Turkey, China, Ukraine, Kazakhstan, Peru and Germany, plus marketing offices in France, Romania, India, and Hong Kong.[8][9][10]

In 1996 Frutarom listed on the Tel Aviv Stock Exchange. The company was formerly known as Frutarom NewCo (1995) Ltd but changed its name to Frutarom Industries Ltd. in 1996.[11]

On 22 February 2005, Frutarom raised approximately US$71 million by listing 10,000,000 global depository receipts on the London Stock Exchange's main market.[12]

On February 5, 2009, New York City Mayor Michael Bloomberg identified a Hudson County Frutarom facility that processes fenugreek seeds as the source of a mysterious maple syrup smell that has periodically filled the city since October 2005. The most recent "maple syrup event" occurred January 29, 2009. While numerous calls were placed to the city's 311 non-emergency complaint hotline on days when the odor was noticed by New Yorkers, the Mayor and the New York City Department of Environmental Protection have determined that the smell is not harmful.[13]

It was announced in November 2013 that Frutarom would acquire 75% of Russia’s Protein Technologies Ingredients for $50.3 million, with an option to acquire the remaining quarter stake, held by the Cyprus-based firm, Vantodio Holdings, within three years.[14] In May 2015, the company announced it had signed a deal to acquire 95 percent of Investissements BSA, a flavourings producer based in Montreal, for a fee of $35.6 million, as part of its expansion plans into the North American region, as well as India.[15] In August 2016, Frutarom acquired the Irish company Redbrook for 40 million euros.[16]

On May 8, 2018, International Flavors & Fragrances acquired Frutarom for $7.1 billion.[17]

References

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  1. ^ Executive Profile - John J. Farber[dead link], BusinessWeek
  2. ^ a b c d e Financial Times - Markets Data
  3. ^ Company's 2008 Investor Relations Presentation, retrieved 7 October 2009
  4. ^ MarketScreener (17 March 2016). "Another Record Year for Frutarom as it Continues to Successfully Carry Out Its Rapid and Profitable Growth Strategy - MarketScreener". www.marketscreener.com. Retrieved 27 May 2024.
  5. ^ "Sealing the deal: IFF completes Frutarom acquisition, global leader to sharpen focus on naturals, health and wellness". Food Ingredients First. 5 October 2018.
  6. ^ "דף הבית - הבורסה לניירות ערך בתל אביב | אתר הבורסה". market.tase.co.il. Retrieved 6 May 2024.
  7. ^ Chen, Liyan. "Meet John Farber: The Forbes 400 Newcomer Behind A Chemical Conglomerate".
  8. ^ "⁨"משמיעי ישראל" מוכרים :את־ חלקם ב"פרוטארומ" ⁩ — ⁨⁨דבר⁩ 10 אוגוסט 1977⁩ — הספרייה הלאומית של ישראל │ עיתונים". www.nli.org.il (in Hebrew). Retrieved 6 May 2024.
  9. ^ "לכסף יש ריח וגם טעם". TheMarker. Retrieved 6 May 2024.
  10. ^ Chen, Liyan. "Meet John Farber: The Forbes 400 Newcomer Behind A Chemical Conglomerate". Forbes. Retrieved 6 May 2024.
  11. ^ "FRUT: Frutarom Industries Ltd Stock Price Quote - Bloomberg". Archived from the original on 24 November 2010.
  12. ^ Frutarom welcomed to Main Market - London Stock Exchange Archived 2012-09-04 at archive.today, February 2005
  13. ^ וינרב, מירב אנקורי וגלי (6 July 2009). "אנזימוטק הקימה מפעל במגדל העמק בהשקעה של 100 מיליון שקל". Globes. Retrieved 6 May 2024.
  14. ^ Tova Cohen (18 November 2013). "Israel's Frutarom agrees to buy 75 percent of Russia's PTI". Reuters.
  15. ^ Steven Scheer (17 May 2015). "Israel's Frutarom to buy 95 percent of Canada's BSA". Reuters. Retrieved 18 May 2015.
  16. ^ "Frutarom buys Irish savory co Redbrook for $45m". Globes. 8 March 2016.
  17. ^ "Investors". ir.iff.com. Retrieved 10 May 2018.[permanent dead link]

External

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Wikimedia Commons has media related to Frutarom.
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