North Bergen, New Jersey, February 28, 2005 — William Ludlum, President, Frutarom USA Inc., announces the appointment of Ariel Calmanovici as Chief Financial Officer of Frutarom USA Inc., effective February 7, 2005.
Mr. Calmanovici now heads Frutarom’s financial team, reporting directly to Mr. Ludlum. Mr. Ludlum stated, “We are pleased to welcome Mr. Calmanovici to Frutarom USA Inc., confident that his extensive financial background in the Print and Pharma business will be a strong asset to us in achieving our goals.”
It was explained that in his new position, Mr. Calmanovici is involved in all of Frutarom’s financial matters, with a focus on its public company status on the FTSE Exchange and participation in acquisition strategies. His responsibilities are typically related to the financial issues associated with running a subsidiary of an international entity. Maintaining bank relationships, and overseeing audit preparation, long range planning, capital investments, IS Development and Project Management, Insurance and Health Care are part of his day-to-day activities.
Mr. Calmanovici’s most recent experience was as Controller at Maariv Promotion where in addition to financial analysis, forecasting and reporting, he distinguished himself in maintaining operations post September 11th. Prior to this association, he was Financial Manager at Paca Industries in Israel, performing diverse analytical, administrative functions as well as being involved in long range planning. He began his financial career as an Economist at the Marketing and Trade Office of the Israeli Government and subsequently moved on to become an Economist at I.E.M. Financial Diagnostics and Management in Haifa. In addition to holding a degree from Hebrew University in Jerusalem, Mr. Calmanovici has achieved CPA status. He resides in New York, and will work at Frutarom from its New Jersey location.
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For more information contact Frutarom at 201-861-9500, or Christine Delfino, Delfino Marketing at 914-747-1400 or via e-mail at [email protected]
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Frutarom is a multinational company with significant production and development centers on three continents. Frutarom’s products are marketed to the food, beverage, flavor, fragrance, pharmaceutical, nutraceutical, functional food, food additive and cosmetic industries. The company is continually expanding via both acquisitions and organic growth.
Frutarom operates through two Divisions:
• The Flavors Division, which develops, produces and markets flavors, fragrances, seasonings and seasoning compounds.
• The Fine Ingredients Division, which develops, produces and markets raw materials intended mainly for the production of those same flavor compounds; and also supplies plant extracts and natural products, including standardized botanical extracts.
Frutarom is also active in several innovative areas, including its ArtChem activity, which develops, produces and markets raw materials in the peptide field. These materials, which are produced using biotechnological methods, are intended for use in the pharmaceutical industry.
Frutarom’s products are produced at its plants in the USA, the UK, Switzerland, Israel, Denmark, China, Russia and Turkey. Frutarom’s products are sold to 85 countries on five continents. The Company has marketing outlets in many countries and also works through a network of local agents and distributors worldwide.