Turpaz Industries, an Israel-based maker of flavor extracts, on Tuesday announced the acquisition of Doucy, a Belgian sweet flavors manufacturer, for $8.5 million.
The transaction, which was completed at the time of signing, includes the acquisition of the real estate used by Doucy's state-of-the-art plant serving leading customers in the Benelux region. The acquisition is another step in the expansion of Turpaz's operations in Western Europe and in the sweet-flavors sector.
"The acquisition of Doucy is another milestone in Turpaz's global growth strategy," Karen Cohen Khazon, the company's chair and CEO, said in a statement. "The synergy between Doucy's knowledge and experience in the sweet flavors sector and Turpaz's existing capabilities in the savory sector in Belgium, will allow us to offer our customers an even broader product portfolio and comprehensive, high-quality solutions."
"Turpaz's capabilities, advanced technology, and impressive and unique product portfolio in Europe create a valuable opportunity for Doucy to significantly expand its operations, enhance its technological capabilities, diversify its product portfolio, and strengthen its presence in Benelux," added Doucy CEO Guy Peremans.
