Israeli flavorings and specialty ingredients company Frutarom Industries has acquired US-based Hagelin & Co. for $52.4 million in cash. Frutarom aims to expand its product portfolio in the area of soft drinks and other beverages.

According to a report by Reuters, Frutarom's acquisition was financed through short-term bank financing. 

Just last month, Frutarom announced the acquisition of 75% of Russia's Protein Technologies Ingredients for $50.3 million in cash. This was followed by the $12.5 million takeover of Guatemalan flavor company Aroma SA, the report said. 

Hagelin develops, produces and markets flavors and unique flavor technologies for the food industry, with an emphasis on the growing area of beverage flavors. Its sales rose by 7% to $24.2 million last year, Reuters said. Hagelin's customer base includes leading international food and beverage manufacturers as well as local food and beverage manufacturers in the United States, United Kingdom, Central and South America and Africa, the report said. 

Hagelin will be integrated into Frutarom's flavors' division, Reuters said.