Strategic Move in Poland: Turpaz Acquires Carotex's Operations and Strengthens its Position in the Flavor and Fragrance Sector in Europe

CAESAREA, Israel, June 4, 2025 /PRNewswire/ -- Turpaz Industries Ltd. (TASE: TRPZ), an international company that develops, manufactures, and markets flavors, fragrances, and specialty fine ingredients, announces the acquisition of the operations of Carotex, a Polish limited partnership, for USD 23.4 million (PLN 87.2 million), along with the issuance of 22% of the shares in Turpaz's Polish subsidiary, Pollena Aroma (Pollena), through which the acquisition was carried out. The agreement includes an option to purchase the remaining shares allocated in Pollena as mentioned above, exercisable four years from the date of the acquisition.

Carotex, founded in 1989, operates in the field of flavors and fragrances in Poland. In the flavors segment, Carotex develops, manufactures, and markets sweet flavors, emulsions, and colorants for beverages (both alcoholic and non-alcoholic) and food products (dairy, baked goods, and pharmaceuticals). In the fragrances segment, Carotex develops, manufactures, and markets fragrances for the personal care, cosmetics, toiletries, air care, and detergent industries.

Carotex, which employs 31 people, has a broad customer base across Europe, particularly in Poland, and offers a range of solutions and products that complement those of Pollena — especially in the beverage sector, a segment with significant growth potential in which Pollena has had minimal presence until now. The founders of Carotex, who have extensive experience in managing operations in the specialty food, beverage, and fragrance industries, will join Pollena's management team and assist in integrating the operations of Pollena and Carotex.

Karen Cohen Khazon, Chairperson and CEO of Turpaz, stated: "We are pleased to welcome Carotex to the Turpaz group. The acquisition of Carotex's operations marks a strategic step in Turpaz's expansion within the European flavor and fragrance market. Carotex synergistically complements Pollena's operations, and the integration in the segment of sweet flavors and innovative solutions for the food and beverage industries, as well as in the fragrance segment, will enable Turpaz to achieve operational efficiencies and expand its customer and product portfolio. This acquisition brings significant value, including professional expertise, complementary products, and a broad customer base. The merger will strengthen our presence and position in the European market and creates greater value for our customers and shareholders."

Carotex's founders, Lidia, Jan, and Andrzej Tatrzański, stated:"We are excited to join the Turpaz Group and to merge Carotex with a company that shares our organizational culture, passion for innovation, and commitment to excellence in flavors and fragrances. The merger between Carotex and Pollena creates true added value — a combination of deep expertise in the world of flavors and fragrances, advanced development and production capabilities, a strong understanding of customer needs, and complementary geographic presence. We are confident that these synergies will allow us to expand our range of solutions, deliver even greater value to our customers, and grow together to new heights, all while preserving Carotex's legacy."

Michal Reiss, Pollena CEO stated: Today, we mark a significant milestone for Pollena. It is a privilege to welcome Jan, Andrzej and the entire Carotex team to Pollena and the wider Turpaz family. Carotex's capabilities in flavors and fragrances complement Pollena's advanced R&D and manufacturing, creating a stronger, unified platform for innovation. Together we will broaden our portfolio, turn our combined expertise into comprehensive, customer-centric solutions, and deliver even greater value to clients across Europe.

Carotex's financial figures indicate significant growth: In 2024, its revenues totaled USD 10.9 million, compared to USD 9.1 million in 2023. Adjusted EBITDA and operating profit in 2024 amounted to USD 5.4 million and USD 5.3 million, respectively, compared to USD 3.9 million and USD 3.8 million in 2023.

About Turpaz: Turpaz Industries Ltd. is an international company that develops, manufactures, and markets flavors, fragrances, and specialty fine ingredients, with a focus on natural, innovative, and high value-added products for the food, beverage, perfumery, and personal care industries. The company develops, produces, markets and sells products to more than 3,500 customers in more than 65 countries across the world, and continues to expand its global presence in key markets across Europe, the Americas, Asia, and the Middle East.

Company website: www.turpaz.co.il

Contact:
Yoni Adini, General Counsel
[email protected]

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SOURCE Turpaz Industries