International Flavors and Fragrances (IFF) has agreed to divest its fruit preparation business to Frulact, an ingredient company specialising in fruit preparations for the food and beverage industry.
IFF’s fruit preparation business produces fruit, vegetable, herb, meat and fish preparation solutions for the food, drink and pet food markets.
Last year, the business contributed approximately $70 million to the pro forma sales of IFF’s Nourish segment.
“I’m pleased to announce that we have entered into an agreement to divest our fruit preparation business,” said IFF chairman and CEO Andreas Fibig.
“This marks the first step of our portfolio optimisation strategy, where we are enhancing shareholder value through divestitures of non-core businesses.”
The transaction is expected to close in the third quarter of this year, subject to customary closing conditions, including regulatory approvals.
The full financial terms of the deal have not been disclosed.
In 2019, IFF agreed to merge with DuPont’s Nutrition & Biosciences business in a deal worth $26.2 billion.
© FoodBev Media Ltd 2021
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