ASIA – Frutarom, the flavor and fragrances division of International Flavours and Fragrance (IFF) Inc has announced that it has completed the acquisition of 60% share capital of The Mighty CO. LTD. (“Mighty”).
Mighty is a leading manufacturer of food ingredients in Thailand and the Asian region, offering a wide range of products which includes food ingredients.
The company’s portfolio includes a range of savory solutions, flavors, seasoning blends, marinades, and specialty functional raw materials for the food and beverage industry.
The bid was announced in October 2017 at a valuation of US$20 million with an option for the purchase of the balance of holdings in Mighty in two stages in periods.
It includes the activity of Maharaj Food Co. Ltd. and Mighty International Co. Ltd, creating an opportunity for Frutarom to grow its industrial solutions in convenience foods, snacks, noodles, fish, meats, baked goods, beverages and dairy.
The completion of this deal with Mighty underscores that the Frutarom division will continue on its growth strategy and pursue attractive companies that create new opportunities or build on current capabilities.
And in this case, we are helping to grow our capabilities in savory solutions – already an area of strength for legacy Frutarom, now IFF.AMOS ANATOT, PRESIDENT OF IFF’S FRUTAROM DIVISION
IFF acquired Frutarom last year, giving it the leading market position in savory flavors and Mighty’s activities blends in with Frutarom’s expanding global savory activity which has grown significantly in recent years
The acquisition seeks to contribute towards strengthening Frutarom’s position in Thailand while attaining a significant comparative advantage of proven innovative R&D capabilities and an advanced local sales and production center in Southeast Asia.
The Mighty acquisition was Frutarom’s eighth acquisition in 2017, following 27 acquisitions the company made since 2015 which have been integrated into their global activity.
According to the company, the acquisition seeks to contribute further growth in sales and improved profits and margins through maximal capitalization on the synergies they bring.