Israeli food company Osem, controlled by Nestlé, has completed its acquisition of 49% of Beit Hashita-Assis Food Industries, a profitable business which has an annual sales turnover of NIS132m (US$27.5m).
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Globes reports that Osem, which already owned 51% of Beit Hashita-Assis, has been negotiating in recent months to acquire the remaining 49% from Kibbutz Beit Hashita, maintaining that “full ownership will enable Osem to exploit operational and administrative synergy with Beit Hashita-Assis.”
The plant, which employs 180 workers, makes pickled vegetables, sauces, concentrates, jam and preserved foods. Osem-Nestlé Israel revenue rose 9% to NIS633.9m in the third quarter and its net profit was up 5% to NIS36.9m.
