JERUSALEM, May 7 (Xinhua) -- International Flavors & Fragrances agreed to buy Frutarom, an Israeli flavor manufacturer, for 7.1 billion U.S. dollars in cash and stocks, Frutarom said on Monday.

Frutarom released a statement saying the boards of directors of the two companies have approved the terms of the deal.

The takeover would be the second largest exit of an Israeli firm, after Intel bought Mobileye - a company in the field of computer vision for autonomous driving technology - for 15.3 billion U.S. dollars in March 2017.

The acquisition is part of International Flavors & Fragrances' efforts to expand in the market of taste, scent, and nutrition.

The companies said they hope that the combination would result in more exposure to the fast-growing end markets of tastes and flavors and provide an enhanced platform to deliver sustainable, profitable growth.

"By combining our deep R&D expertise with Frutarom's, we are offering our customers a broader range of solutions and accelerating our growth strategy," IFF Chairman and CEO, Andreas Fibig, said in the statement. "We believe this combination will lead to faster and more profitable growth, enhanced free cash flow and generate greater returns for our shareholders."

Ori Yehudai, President and CEO of Frutarom, said the deal "marks the culmination of a decades-long vision to become a global leader in taste and health."

Frutarom is an Israeli-based flavors, savory solutions, and natural ingredients company, with production and development centers on six continents. It markets and sells about 70,000 products to 30,000 customers in over 150 countries. Frutarom is primarily focused on natural products, which drive more than 75 percent of its sales.?