date:Nov 19, 2013
Israeli flavourings and specialty ingredients company Frutarom Industries will acquire 75 percent of Russia's Protein Technologies Ingredients (PTI) for $50.3 million in cash.
The agreement includes an option for Frutarom to purchase the remaining 25 percent held by Vantodio Holdings of Cyprus within three years, Frutarom said on Monday.
PTI had sales in 2012 of $111 million and earnings before interest, tax, depreciation and amortisation of $10.5 million. It has net assets of $40 million and