Press Release

A HEUKING team led by Partner Dr. Marc Scheunemann advised Turpaz Industries Ltd. ("Turpaz"), on the acquisition of a German company in the flavors sector. On November 7, 2024, a wholly owned subsidiary of Turpaz signed an agreement to purchase 100% of the shares in Schumann & Sohn GmbH ("Schumann"). The purchase price amounts to approx. EUR 10.7 million. The transaction was completed at the time of signing and financed through bank financing.

Schumann, founded in 1948, has experience and expertise in the field of flavors, and is engaged in the development, production and marketing of flavors and quality solutions for the food industry and nutritional supplements. Schumann operates a production, R&D, applications and sales site in Karlsruhe, Germany. Schumann has a wide customer base, mainly in the German market.

The entry of Turpaz into the German flavor market is another step towards strengthening Turpaz' leading position and establishing its presence in Europe. Schumann's activity is synergistic to a large extent with Turpaz's activity, and it is expected to allow Turpaz to strengthen its product offering and leverage cross-selling options, both by expanding the customer base and by expanding the product portfolio.

Turpaz Industries Ltd is an Israel-based company that operates as chemicals manufacturer. Turpaz Industries Ltd operates on its own and through subsidiaries in Israel, the USA, and Asia and in Europe in four areas of activity (fragrance, flavor, pharmaceutical and special ingredients). Turpaz Industries Ltd. Is listed at the Tel Aviv Stock Exchange.

Counsel to Turpaz Industries Ltd.
HEUKING:
Dr. Marc Scheunemann, LL.M., Düsseldorf/Frankfurt,
Dr. Christian Appelbaum (Advertising Law),
Dr. Timo Piller (Corporate),
Christoph Hexel (Employment),
Dr. Tilman Spancken (Real Estate), all Düsseldorf,
Monique Sandidge (Employment),
Dr. Markus Collisy,
Maximilian Dehnert (beide Regulatory Law), all Frankfurt