Frutarom has acquired a 70 per cent stake in Argentinian flavours and fragrances firm Meroar for $11.2 million, as part of a strategy to grow its presence in Latin America.
Buenos Aires-based Meroar develops flavours for clients in the beverage, sweets and baked goods industries in Argentina and is one of the largest companies in the flavours segment in the Argentinian market.
This purchase strengthens Frutarom’s position in the Latin American market, and represents Frutarom’s second acquisition in Latin America in the last few months, following the purchase of a 51 per cent stake in Brazil-based Bremil Indústria for $31 million in December 2017.
Meroar’s founders will retain their management positions and become part of Frutarom’s management structure in Latin America. They will also remain shareholders and hold the remaining 30 per cent stake in Meroar.