February 4, 2018 / 8:18 AM / 10 months ago

Frutarom buys Israeli Biotech Research for $21 mln

JERUSALEM, Feb 4 (Reuters) -

* Israeli flavours and ingredients maker Frutarom Industries Ltd said on Sunday it bought 100 percent of Israeli Biotech Research (IBR) for $21 million in a deal financed through bank debt.

* It was the first acquisition of the year for Frutarom after buying 12 companies in 2017. It has made 32 acquisitions since 2015.

* IBR develops, manufactures and markets natural active ingredients for the cosmetics and dietary supplements industries. It had sales of $7.4 million in 2017.

* “The IBR acquisition is ... an important step in implementing Frutarom’s strategic plan to develop a worldwide business in the growing and profitable fields of natural cosmetics,” said Frutarom CEO Ori Yehudai. (Reporting by Steven Scheer; Editing by Tova Cohen)

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