Frutarom, an Israeli unit of U.S.-based speciality ingredients maker International Flavors & Fragrances Inc. (IFF), has closed on the acquisition of 60 percent stake in Thai savoury solutions provider Mighty Co. Ltd.

The deal price is 393 million baht ($12.4 million) at $20 million valuation.

Frutarom division said that it will continue with its growth strategy and pursue attractive companies that create new opportunities or build on current capabilities.

Further, the move seeks to contribute towards boosting Frutarom’s position in Thailand while attaining a significant comparative advantage of proven innovative research and development capabilities.