The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of Frutarom, a leading producer of flavours and specialty fine ingredients for the food industry, with a €50 million credit line for the acquisition of well established companies in Poland and Slovenia.
It is the Bank’s first project in the growing Flavours & Fragrances sector which brings much-needed FDI to the sector in Slovenia, supporting research and development in order to strengthen competitiveness on external markets.
Frutarom, established in 1933 and one of the world’s 10 largest companies in the field of flavours and specialty fine ingredients, is publicly listed in Tel Aviv and London and has been active in the region where the EBRD invests since the early 1990s. It recently expanded its operations by adding the Polish producer AMCO Sp. z o.o. and the Slovenian company Vitiva d.d. to its portfolio.
AMCO was founded in 1998 and the company’s main activities are development, production and marketing of savoury flavors. It is the second largest savoury solution provider in Poland and operates a modern state-of-the-art production site close to Warsaw.
Vitiva, based in northeast Slovenia, is Europe’s number one player in the manufacturing of natural rosemary extracts used in food, pharmaceutical, nutraceutical and cosmetics products. The company exports to 37 countries worldwide.
Miljan Zdrale, Head of Agribusiness, CSEE said: “Since its establishment in 1991 the EBRD has invested more than €9.5 billion through 580 projects in the agribusiness and food sectors of the countries where it operates. The Bank’s goal is to maximise the region’s significant scientific expertise and agricultural potential and works along the whole value chain from farming processing and trading to food distribution, packaging and retail.
We are very pleased to become partner with Frutarom and we are confident that our signing today will lay the foundation for a long-term partnership with this importantglobal flavours and fine Ingredients group. The EBRD welcomes the increased engagement of Frutarom in the region where we invest and where we are working together to build strong companies with internationally competitive products.
Alon Granot, Frutarom’s EVP & CFO said: “Frutarom’s strategy combines profitable internal growth with strategic acquisitions and includes strengthening our position in high-growth markets, particularly in emerging countries and the US, along with investing in the development of natural ingredients to replace artificial ingredients and pioneering the market trend towards clean-label foods. Today 75% of Frutarom’s products are natural and we offer our customers a unique portfolio of tailored solutions combining superb tastiness with health and functionality – all under one roof. We see many opportunities in the emerging Central and Eastern European countries with their long histories and heritage combining science, know-how and access to superb natural raw materials. We are excited over our latest investments in Poland and Slovenia and expect to continue investing in this important and growing region.”
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