Israel's Futarom, leading flavor and fine ingredients maker has announced that it is to acquire Austrian savory flavor maker Wiberg for $130 million. Futarom has aimed its sales target to $2 billion by 2020.

Acquiring 12 companies in this year 2015, Futarom last month said that it aimed for sales of more than $1.5 billion by 2020. With a profit margin of earnings before interest, depreciation, tax and amortization from core activity above 22 percent, the company has raised its target to $2 billion.

According to Reuters, Futarom shares were up 8.4 percent at $48.61 in the morning trade in Tel Aviv. Also, Futarom Chief Executive Ori Yehudai told that, "Wiberg will also facilitate the acceleration of our penetration into the savory market in North America through its Canadian-based activity." He added that, "This also has R&D labs, a factory and a sales platform on the west coast of the United States."

A statement by Bloomberg said that, the Chief Executive Officer Ori Yehudai has nearly doubled the revenue since 2010 and has made the company the top performer on Israel's benchmark this year. Futarom has made 12 acquisition since this January including Poland's Amco Sp ZOO, India's Sonarome Pvt. Ltd. and has been extending its product base and geographical reach throughout.

Wiberg's savory product which is based out in Salzburg manufactures flavor extracts, seasoning blends and functional ingredients for the food industry. Having operations of five production sites and over 670 employees, Wiberg's production emphasizes on processed meats and convenience foods.

The Haaretz reported that, the transaction will be financed with bank debt. Also, only after the approval from German and Austrian antitrust authorities, Futarom expects the completion of deal by the beginning of 2016.

Due to the changes in lifestyle and rise in standard of living and consumer habits, there is a demand for the savory products and the savory product market is growing in a fast phase.