Dutch ingredients group DSM has signed a deal to buy US food additive producer Fortitech in a deal worth EUR495m(US$630.8m).
The acquisition,the second for DSM in the last month,is an all-cash transaction and is expected to close this year.Fortitech is a privately-held company based in New York and a leader in customised,value-added food ingredient blends for food and beverage,infant nutrition and dietary supplements industries.
The purchase of Fortitech is expected to generate savings equal to around 10%of net sales by 2015.Another$70m in one-time synergies are predicted as DSM avoids capital expenditure,it said.
The purchase of Fortitech follows a deal at the end of last month to purchase cultures and enzymes business of US agricultural commodities group Cargill.
