Frutarom

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Frutarom Industries Ltd.
Type Public
Traded as LSEFRUT, TASEFRUT
Industry Chemicals
Founded 1933
Founders Yehuda Araten and Maurice Gerzon
Headquarters Haifa, Israel
Key people Ori Yehudai, President and CEO
Dr. John J. Farber, Chairman[1]
Products Flavors and fragrances
Revenue US$ 518.4 million (2011)[2]
Operating income US$ 60.6 million(2011)[2]
Net income US$ 42.0 million(2011)[2]
Total equity US$ 393.6 million(2011)[2]
Employees 1,900
Parent ICC Industries Inc.
Website www.frutarom.com

Frutarom Industries Ltd. is one of the ten largest flavor and fragrance companies in the world, in 2011 it had sales of over $518 million.[3]
The company’s shares are traded on the London Stock Exchange and the Tel Aviv Stock Exchange, where it is a constitute of the TA-100 Index of leading shares.

Overview[edit]

The Frutarom Group is a flavor and ingredients company. The company develop, manufacture and market an extensive variety of flavors and ingredients catered to customers in a range of industries: food, beverage, flavor, fragrance, pharmaceutical, nutraceutical, food additive, and cosmetic.

Frutarom's some 20,000 products are sold to more than 10,000 customers, in 120 countries around the world. The Frutarom Group has 1,900 employees worldwide, with manufacturing facilities located in Europe, North America, Israel and Asia.

Frutarom operates through two major divisions:

  • Flavors Division - Develops, produces and markets flavor compounds and food system solutions.
  • Fine Ingredients Division - Develops, produces and markets flavor extracts, functional food ingredients, pharmaceutical/nutraceutical extracts, specialty essential oils, citrus products and aroma chemicals.

History[edit]

Frutarom was established by Yehuda Araten and Maurice Gerzon, two industrialists from the Netherlands in 1933. They chose to build their first plant in an almost desert-like area between Haifa and Acco in Palestine, making Frutarom one of Israel’s earliest industrial enterprises. In 1952, Frutarom became a subsidiary of the newly established Electrochemical Industries (Frutarom) Ltd (EIF). By 1973 ICC Industries, owned by Dr. John J. Farber, became the controlling party of EIF and Frutarom. Since the 1990s, Frutarom has expanded by establishing itself overseas beginning with the acquisition of a small US company in 1990. Frutarom now has subsidiaries in Israel, the USA, the UK, Switzerland, Russia, Turkey, China, Ukraine, Kazakhstan and Brazil, plus marketing offices in France, Romania, India, and Hong Kong.

In 1996 Frutarom listed on the Tel Aviv Stock Exchange. The company was formerly known as Frutarom NewCo (1995) Ltd but changed its name to Frutarom Industries Ltd. in 1996.[4]

On 22 February 2005, Frutarom raised approximately US$71 million by listing 10,000,000 Global depository receipts on the London Stock Exchange's main market.[5]

On February 5, 2009, New York City Mayor Mike Bloomberg identified a Hudson County Frutarom facility that processes fenugreek seeds as the source of a mysterious maple syrup smell that has periodically filled the city since October 2005. The most recent "maple syrup event" occurred January 29, 2009. While numerous calls were placed to the city's 311 non-emergency complaint hotline on days when the odor was noticed by New Yorkers, the Mayor and the New York City Department of Environmental Protection have determined that the smell is not harmful.

It was announced in November 2013 that Frutarom would acquire 75% of Russia’s Protein Technologies Ingredients for $50.3 million, with an option to acquire the remaining quarter stake, held by the Cyprus-based firm, Vantodio Holdings, within three years.[6]

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