Frutarom has acquired a 70 % stake in Argentinian flavours and fragrances firm Meroar for USD 11.2 m, 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 the company’s second acquisition in Latin America in the last few months, following the purchase of a 51 % stake in Brazil-based Bremil Indústria for USD 31 m 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 % stake in Meroar.

Ori Yehudai, President and CEO of Frutarom Group, said: “The Meroar acquisition constitutes a significant first entry for Frutarom into Argentina, and is yet another strategic acquisition of an activity in Frutarom’s core field which will enable us to offer our customers a broader range of innovative solutions, and an important step in implementing Frutarom’s strategic plan to develop a worldwide business of fragrances, particularly in emerging markets with high growth rates.”