Thorpez Industries Ltd., a global company that develops and manufactures thousands of flavor and fragrance extracts, intermediates and unique raw materials and markets and sells them in more than 30 countries around the world, reports today that it has signed an agreement to acquire LORI, which operates in the field of perfume extracts in Latvia. EUR 1 million (approximately $ 3.5 million), plus net cash balances.The completion of the transaction is expected to take place at the beginning of the first quarter of 2022 and will be paid for from Thorpez’s independent sources.
LORI’s sales turnover in 2020 and 2019 amounted to a total of about 4.7 and 4 million euros respectively. The acquisition will allow Thorpez to expand the group’s sales in the field of fragrances through the development and marketing of products and extracts in Central and Eastern Europe, among other things through leveraging the synergies and diverse cross-selling options available between the group’s companies in Israel and around the world. The company intends to pay the consideration from its own sources.
LORI, which was incorporated in 1992 and employs 50 people, is one of the manufacturers of fragrance extracts in Eastern Europe. LORI manufactures perfumes and their marketing in Eastern Europe, and has research and development capabilities that enable it to offer customized solutions to its customers.
Keren Hazon, Chairman and CEO of the Thorpez Group, stated: “We continue to implement Thorpez’s rapid growth strategy worldwide and are pleased to report the acquisition of LORI, which specializes in perfume extracts mainly in Central and Eastern Europe.