IFF completes Frutarom acquisition for $7.1bn

US-based International Flavors & Fragrances (IFF) has completed its acquisition of Israeli firm Frutarom in a $7.1bn deal.

The agreement secured final antitrust clearance last month, having been originally signed in May.

The acquisition will provide opportunities to expand into new and fast-growing categories such as savoury solutions, natural colours, natural food protection and health ingredients.

IFF chairman and CEO Andreas Fibig said: “The coming together of IFF and Frutarom is a momentous achievement. We are excited to be moving forward as one company and pursuing new opportunities that benefit all our stakeholders around the globe.

“Over the past several months, our integration planning teams have been working to ensure that we capture the best of both companies and create a seamless and efficient transition to achieve both our operational and financial targets for this combination.”

The new IFF company will focus on natural health and wellness, broadening their combined and growing customer base, including small to mid-sized businesses, and establishing an improved platform to deliver sustainable growth.

The combined company will be headquartered in New York City and maintain a presence in Israel.

Fibig further added: “Today, we are celebrating the creation of a new IFF with even greater aspirations as a leader in taste, scent and nutrition.

“On behalf of everyone at IFF, we welcome Frutarom and its talented team, and look forward to working closely with all employees to continue to deliver winning products to our customers and maximising long-term value for our shareholders.”