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Israel's Frutarom to buy German Gewurzmuller Group for 67 mln usd


Published : Mon, 15 Oct 2007 07:44
By : Agencies
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LONDON (Thomson Financial) - Israel-based flavours company Frutarom Industries Ltd said it has signed an agreement to buy German companies Gewurzmuller GmbH and Blessing Biotech GmbH, together the Gewurzmuller Group, for 67 mln usd in cash.

The agreement also includes a mechanism for future payment, such that the final amount to be paid will reflect a value for the Gewurzmuller Group based on a 7.1 multiple of the 2007 EBITDA.

The Gewurzmuller Group's sales for 2006 totaled about 65 mln usd, Frutarom said, adding it used long-term loans to finance the acquisition.

TFN.newsdesk@thomson.com

apm/bsu/bsd

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