September 6, 2017 / 9:58 AM / 18 days ago

Israel's Frutarom buys 51 pct of local fragrance firm Turpaz

JERUSALEM, Sept 6 (Reuters) -

* Israeli flavour and fine ingredients company Frutarom Industries said on Wednesday it bought a 51 percent stake in local company Turpaz Perfume and Flavor Extracts.

* Frutarom said the deal valued Turpaz at about $15.1 million. It paid about $4.1 million for the shares and injected a further $7.6 million into the company.

* For the 12 months ending June 2017, Turpaz had turnover of some $6.2 million and showed higher profitability that Frutarom’s flavours division, into which it will be consolidated, Frutarom said. (Reporting by Ari Rabinovitch)

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