JERUSALEM (JTA) — Frutarom, an Israeli company that makes flavors and scents for food and beverages, has been acquired for $7.1 billion by the U.S. firm International Flavors & Fragrances, or IFF.
It is the second largest purchase of an Israeli company. Intel’s purchase of Mobileye technology was the biggest purchase.
Frutarom is a flavors, savory solutions and natural ingredients company with production and development centers around the world. The company, which is primarily focused on natural products, markets and sells over 70,000 products to more than 30,000 customers in over 150 countries. It is expected to have sales of above $1.6 billion in 2018, and has a target of $2.25 billion in sales by 2020.
Ori Yehudai, the president and CEO of Frutarom, will remain with the company as a strategic adviser supporting Andreas Fibig, the chairman and CEO of IFF.
IFF will remain headquartered in New York City and maintain a presence in Israel, according to a statement from the company.