March 22, 2007
Synergy Flavors, Inc. Second Acquisition in Four Months
WAUCONDA, Ill., March 22 /PRNewswire/ -- In a move that will strengthen its presence in South America, Synergy Flavors, Inc. announced its purchase of the Brazilian-based American Flavors and Fragrance do Brasil (AFF). The deal was finalized March 15, 2007.
"In keeping with our strategy to grow through acquisition, the purchase of AFF is an ideal complement to our global offering," commented Roderick Sowders, President and CEO of Synergy. "By purchasing a Brazilian-based company, we are gaining better access to the local markets there and are able to continue to build on what we do best, providing localized service," he finished.Brazil is considered the entryway to "Mercosur," or the South American Common Market, including countries like Argentina, Uruguay, Paraguay, Chile, Bolivia and Venezuela, consisting of 350 million consumers.
"Brazil is the number one consumer of distilled beverages in the world and third largest consumer of soft drinks in the Western Hemisphere. It also happens to be the largest market for bakery and confections in Latin America and the second largest manufacturer of candies in the world. With our business strengths and focus within all of those industries, the location consideration was natural," Sowders added.
Business operations will remain at the current site in Sao Roque, near Sao Paulo City, which is considered the business center of Brazil and South America. The AFF name will change to Synergy Aromas do Brasil.
AFF, founded as an entrepreneurial venture of two local businessmen, has been in operation since 2003. The company was established to offer cutting- edge flavor and product technology to a market that was gaining momentum in the flavors arena. Zilned Machado, one of the owners of AFF, said in response to the merger, "This purchase is an exciting time for the business. Having the strength of Synergy Flavors, combined with our local knowledge, will allow us to become a fixed and vital resource for this market."
Synergy Flavors is a member of the Irish-based Carbery Group, an international food ingredients and cheese company. Synergy creates a full range of innovative flavors for the bakery, beverage, confectionery, dairy, and nutritional markets. In 2006, the company acquired Vanlab Corporation, significantly broadening its product offerings and market access. For more information please visit http://us.synergytaste.com/.
CONTACT: Lori Nochevich Marketing Manager Synergy Flavors 847.526.8022
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Synergy Flavors, Inc.
Contact: Lori Nochevich, Marketing Manager of Synergy Flavors, Inc.,+1-847-526-8022