Frutarom Industries Ltd. is laying off a quarter of the staff at Israeli specialty chemicals company Enzymotec Ltd., which Frutarom is in the process of acquiring, Globes reported.
The acquisition by Frutarom, a Tel Aviv-listed flavors and ingredients maker based in Israel, had recently received approval from Enzymotec's shareholders. Under the deal, Enzymotec shareholders will receive $11.90 per share in cash, for a net consideration of about $210 million.
Frutarom is sending letters calling Enzymotec employees to attend predismissal hearings. The laid off staff have a similar profile to those being dismissed at Teva Pharmaceutical Industries Ltd., the newspaper noted.
"We plan to attain maximum operational and business efficiency, improve the cost structure, help the company recover, and realize Enzymotec's great potential," Frutarom said.
