Frulact S.A. entered into a master asset purchase agreement to acquire Fruit Preparation Business of International Flavors & Fragrances Inc. in April 27, 2021. The fruit preparation business contributed approximately $70 million to IFF's Nourish segment pro forma sales in 2020. As part of the transaction, Frulact is taking over the production sites in Emmerich (Germany) and Reinach (Switzerland), a site in Dijon (France) as well as assets and employees in other European countries. The deal is subject to customary closing conditions, including regulatory and antitrust approvals. The transaction is expected to close in the third quarter 2021. Frederik Mühl, Thomas Reischauer, Thomas Voland, Mathias Elspaß, Susanne Werry, Orsolya Gondos,Felix Mühlhäuser, Cord Freiherr von Mandelsloh, Marc Besen, Claudia Milbradt, Florian Reiling, Ines Keitel, Christopher Fischer, Gilles Lebreton, Cécile Zoro and Sue Palmer of Clifford Chance acted as legal advisor to Frulact. Greenhill & Co., LLC acted as financial advisor to International Flavors & Fragrances, Inc.

Frulact S.A. completed the acquisition of Fruit Preparation Business of International Flavors & Fragrances Inc. for approximately $120 million in October 2021.