Frutarom acquires complete ownership of Protein Technologies Ingredients
Frutarom Industries has acquired the remaining 25% stake it does not own in Vantodio Holdings, the owner of the Russian based Protein Technologies Ingredients (PTI), for nearly $40m.
The Israel based flavor and ingredient company which acquired a controlling stake of 75% in PTI in November 2013 for $50.3m, had the option to exercise its right to buy out the remainder stake three years after the deal.
Frutarom Group president and CEO Ori Yehudai said that acquisition of PTI had helped in positioning Frutarom as a major provider of savory flavor solutions in Russia and the nearby countries.
Yehudai added: “The acquisition materially strengthened the technological capabilities, the product portfolio we offer our customers, and our broad local and global customer base.
“PTI is the leading local manufacturer in the Russian market and as we expected the combination of a leading local manufacturing company with the support of a global company like Frutarom strengthened our market leadership and accelerated the pace of our profitable internal growth.”
PTI develops, produces and markets savory taste solutions such as flavor extracts, functional ingredients and seasoning blends with a particular focus on convenience foods and processed meats.
The Russian ingredient maker is said to manufacture protein-based ingredients using food grade fiber production coupled with advanced technology.
It is also into trading and marketing of ingredients manufactured by others.
The company has two production facilities near Moscow as well as a research and development, and marketing center in Moscow. Besides, it has 25 distribution centers spread across Russia and nearby countries while employing around 500 people.