Frutarom will pay $12 million for the UK based company. The acquisition is expected to align nicely with Frutarom’s current business, with the two currently dealing with many of the same companies as customers. Ori Yehudai, President and Chief Executive Officer of the Frutarom Group, commented on the transaction, “The acquisition of Oxford continues the implementation of Frutarom's rapid growth strategy, and further supports Frutarom's position, which is already one of the ten largest companies in the world in the flavors' field. Frutarom will act immediately to integrate Oxford's activity with that of Frutarom's Fine Ingredients Division while realizing and utilizing the extensive commercial and operational synergy that exists between Frutarom's operations and Oxford's operations in order to take maximum advantage of the cross-selling opportunities and achieving maximum cost savings.”
Oxford’s 2007 sales reportedly reached $14 million, with an operating profit of $900,000. Its 2008 operating profit is expected to reach $1.45 million. Frutarom continues to seek out acquisition opportunities as its rapid growth strategy is implemented.
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