A unit of Osem Investments, an Israeli food maker partly owned by Nestle, has completed a US$20m deal to buy US vegetarian food producer Foodtech International.
A unit of Osem Investments, an Israeli food maker partly owned by Nestle, has completed a US$20m deal to buy US vegetarian food producer Foodtech International.
Tivall, Osem’s unit that makes vegetarian and meat substitute products, will pay $10.6m and Nestle will pay $9.4m retaining Foodtech’s intellectual-property rights, the company said in a statement on Thursday (1 January).
Last month Osem, which is 53.8% owned by Nestle, posted a 7.5% increase in third-quarter net profit of ILS63.95m (US$16.3m).
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