17 Nov, 2008 – Nestle and Osem are to buy US-based FoodTech International for US$20 million.
Jerusalem-based Osem, which is part-owned by Nestle, said yesterday its subsidiary Tivall Min Hatsomeach Ltd will acquire FoodTech, a producer of vegetarian food goods.
Nestle will contribute US$9.4 million for FoodTech’s intellectual property rights, while Tivall will put in US$10.6 into the deal for the company’s operations.
Nestle owns 54% of Osem, a food producer that sells products into both Israeli and foreign markets. Tivall producers meat substitute and vegetarian products.
FoodTech posted 2007 sales of US$14.6 million. For the first three quarters of 2008 the company reported sales of US$15.4 million.