24 March 2003 00:00 [Source: ICB]Israeli flavours and fragrances group Frutarom hopes to open subsidiaries in eastern Europe this year to take advantage of a market for processed food products, which it says is growing at 15-20%/year. It will also focus on its compounds division.
Frutarom made the revelations as it revealed that 2002 full year operating profit climbed 40% to Shekel27.8m (E5.4m/ $5.8m), on sales that rose 8% to Shekel517.7m.
Apart from its expansion plans in eastern Europe, the company said it is working on establishing a plant in Russia to serve the Russian and east European markets.
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