Frutarom Industries Ltd. announced it has signed an agreement to acquire the assets and business of Oxford Chemicals Ltd. for $12 million. In 2007, Oxford’s sales were around $14 million and operating profit was $0.9 million. The estimated operating profit for 2008 is expected to increase by more than 50%, equaling more than $1.45 million.
Oxford develops, produces and markets specialty ingredients for the flavor and fragrance industry and consists of around 70 employees. Because Oxford’s work is similar to Frutarom’s global Fine Ingredients Division, the acquisition should add to Frutarom’s product offerings and customer base worldwide.