Nestlé’s Israeli subsidiary Osem Investments has acquired a 51% stake in the country’s largest infant formula producer, Materna Laboratories, from Maabarot Products.
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The deal, valued at about NIS252m (US$70.68m), covers Materna’s brand, operations and intellectual property rights.
Maabarot said that the agreement would allow Materna to compete on the global stage.
“As a small company it is impossible to compete internationally but working with a large, well-known and respected corporation like Nestlé opens many doors,” a spokesperson told just-food.
The deal is still subject to antitrust clearance and requires the approval of both companies’ boards.
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By GlobalDataNestlé was not available for comment at time of press.
