FMC, a US-based chemical company has entered into an agreement to acquire Pectine Italia, an Italy-based producer of pectin for the food ingredients industry, for an undisclosed amount.
This acquisition will mark FMC's foray into the pectin market and enable the company to diversify its hydrocolloid texturants and stabilizers range.
FMC Specialty Chemicals president Michael Wilson said the deal is a part of the company's strategy to expand its presence in the natural-based food ingredients market.
"With our recent acquisitions of two natural food colours businesses, our entry into pectin underscores our commitment to broaden FMC's portfolio of innovative food ingredients," Wilson added.
FMC noted that the latest deal to acquire Pectine Italia is part of the company's Vision 2015 growth strategy, which aims to expand global reach and generate sales of $5bn and earnings before interest and taxes (EBIT) of $1.2bn.
The transaction is expected to be completed in the third quarter of 2012, following which Pectine Italia will become part of FMC BioPolymer, a business unit of FMC.
Pectine Italia manufactures pectin, a fiber primarily derived from lemon peels that is widely used as a stabiliser and thickening agent in many foods. The company has production facilities in Milazzo, Sicily, which are strategically located near important raw material sources.
FMC BioPolymer supplies naturally-derived alginate, carrageenan, microcrystalline cellulose and natural colors to the global food, pharmaceutical, personal care and specialty markets.
