International Flavors & Fragrances (IFF) announced that it has completed the acquisition of Aromor Flavors and Fragrances (Aromor), a privately held manufacturer and marketer of complex specialty ingredients that are used in fragrances and flavours.
Aromor will become part of the IFF Fragrances Ingredients business and is expected to be accretive to IFF’s earnings per share in 2014. While terms of the transaction have not been disclosed, the Aromor operations would have represented approximately US$35 million of incremental sales to IFF’s results in 2013 on a proforma basis.
IFF will continue to support the Aromor facility in Israel and invest in and develop the manufacturer’s R&D and manufacturing capabilities.
‘We are pleased to complete this important strategic acquisition. We expect Aromor, with its strong R&D capabilities, to provide us with cost-effective, quality materials to use in our formula creations and external sales,’ says IFF CEO Doug Tough.
A key component of the company’s overall ingredients strategy is to provide cost-advantaged, specialty molecules that enhance development of consumer-preferred fragrance compounds. The use of the Aromor ingredients portfolio and its technology development process should enhance value and improve profitability and win rate of IFF’s fragrance creations.
‘As Aromor is currently one of our suppliers, we have been working with the Aromor team for many years and are excited to have them join IFF. We look forward to working with the current Aromor management as they continue to lead and manage the company’s operations,’ says said Rob Edelman, SVP Fragrance Ingredients at IFF.