Glanbia Plc (GLB.L), an Irish nutrition company, said on Monday that it has inked a deal with Aroma Holding Company, LLC and related entities to acquire Flavor Producers LLC for an initial consideration of $300 million and deferred payment of up to $55 million, which is conditional upon the 2024 performance of Flavor Producers.
The deal, expected to be closed in the first-half, will be funded by the Irish company's existing banking facilities and cash.
Glanbia expects the deal to slightly add to its earnings in its first full year of ownership.
Hugh McGuire, CEO of Glanbia said: "This acquisition builds on our existing flavours capability and positions us well to capture long term growth opportunities in the organic and natural flavours segments. This transaction represents a further opportunity to scale our NS business, unlock synergies and acquire unique and complementary capabilities."
Flavor Producers is a flavor platform in the U.S., providing flavors and extracts to the food and beverage industries, with a focus on organic and natural ingredients.
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