Finland’s Cultor Buys Pfizer’s Food Group
HELSINKI, Finland (AP) _ Cultor, a leading Finnish food additive company, agreed to buy Pfizer Inc.’s food group for 1.5 billion markkaa ($350 million), Cultor said Thursday.
The deal is to be completed next month and would make Cultor a leading world producer of food, with sales units in all major markets, Cultor said.
The purchase will strengthen Cultor’s international position as a supplier of flavorings and sweeteners for chewing gum, candy and dairy products.
In October, Cultor and Pfizer, a New York-based drug maker, signed a preliminary agreement giving Cultor the sole right to negotiate a purchase of its food additive business.
Cultor has 5,000 employees in 19 countries. It mainly produces sweeteners, flavoring compounds and animal feeds.
The Finnish group’s net sales in 1994 totaled 6.4 billion markkaa ($1.5 billion) _ up some 20 percent on the previous year.