F&F Corner

28 January 2002 00:00  [Source: ICB Americas]

DRAGOCO Gerberding & Co. AG broke ground recently at its headquarters in Holzminden, Germany, for a new warehouse. Scheduled to be completed late this year, the 4,500 square-meter facility represents an investment of á8.5 million ($7.465 million). The new central warehouse will house the liquid and solid raw materials used for manufacturing flavoring substances, fragrances, and cosmetics products. In the past 10 years, Dragoco has invested DM 247 million (á126.3 million; $110.92 million) at its Holzminden location. The company had sales of DM 730 million (á373.2 million; $327.8 million) for fiscal 2001.

ESSENTIAL OILS One dealer quotes the price of peppermint oil Yakima FCC at $18 per pound, and spearmint oil Far West native also at $18 per pound. Thyme Oil FCC (Red) is priced at $60 per pound. A broker confirms the need to lower the price of this item from $68 per pound. This is this distributor's second price decrease for this oil in the last two months.

TECHNOLOGY FLAVORS & Fragrances Inc. (TFF) has purchased its Amityville, N.Y., corporate headquarters, research and development and manufacturing facility through the issuance of $2.2 million in Town of Babylon Industrial Development Agency municipal bonds. Previously, TFF had had a long-term lease there, but the company "found it extremely attractive" to purchase the building, says a company official. The TFF spokesman adds that the company's purchasing of the property had nothing to do with the recent termination of merger discussions with the New York-based Belmay Holding Corp. In November, the two companies entered into a letter of intent to merge to form a combined entity with more than $60 million in sales. However, early this month, by mutual agreement, the two companies agreed not to continue with the merger. "Although the TFF/Belmay combination would have created a much larger entity in terms of sales volume, our analysis led us ultimately to conclude that the proposed merger would not be in the best interests of our shareholders," says Philip Rosner, TFF's chairman and CEO. TFF had sales of $15.3 million in 2000, and for the first nine months of fiscal 2001, the company had sales of approximately $11.9 million.

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