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The consideration will be paid in full in cash at closing. Frutarom said that the deal is scheduled to close "within the coming weeks." It added that Oxford's 2007 sales were around $14 million, or GBP ten million, and that the acquisition will be financed through a long-term bank loan.
Oxford, which has around seventy employees, develops, produces and markets specialty ingredients for the flavor and fragrance industry. Frutarom said that Oxford's activity is "highly synergetic" with Frutarom's global Fine Ingredients division, whose development laboratories and production facilities are located in the U.S., UK, Switzerland and Israel.
Frutarom said that it and Oxford have production and development plants located in close proximity in Northern England. Frutarom estimates that operating profit from the acquired activity for 2008 should increase by more than 50%.
Israel-based Frutarom operates in the markets of flavors and fine ingredients. Frutarom has production and development centers in three continents and it markets its products to five continents and more than 5,000 customers in 120 countries.
Frutarom's products are designated for the industries of food and beverage, flavor and fragrance, pharmaceuticals, nutraceuticals, health food and functional food, food supplements and cosmetics.
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