Frutarom Industries has acquired Belgian flavours company Taiga International in a $ 2.9m deal.
Taiga currently offers flavours for the food, beverages and tobacco industries, including the leading chocolate manufacturers. The company reported sales turnover of $4.9m in 2014.
Frutarom Group president and CEO Ori Yehudai said: "This is an acquisition of activity in the field of flavors, Frutarom's core activity, which boasts high profitability margins.
"We see significant synergies between Taiga's activity and Frutarom's flavors activity in Europe and intend to leverage the cross-selling opportunities generated by this acquisition both by broadening the product portfolio and expanding the customer base."
With this acquisition, Frutarom will enhance operational and commercial efficiency in existing infrastructure and optimise production sites in Europe. The company is also planning to expand its product line.
The latest purchase of Taiga marks company's third acquisition in this year. Frutarom was also involved in other three acquisitions during last year.
Frutarom currently operates production and development centres on four continents and markets and sells more than 31,000 products to over 16,000 customers in more than 150 countries.
