Osem unit, Nestle buy Foodtech for $20 million
Osem unit, Nestle buy Foodtech for $20 million
Osem unit, Nestle buy Foodtech for $20 million
Israeli foodmaker Osem Investments, which is 53.8 percent owned by Swiss food giant Nestle, said on Thursday one of its units completed a deal to buy Foodtech International for $20 million.
Tivall, Osem's unit that makes vegetarian and meat substitute products, will pay $10.6 million for U.S. based Foodtech, also a maker of vegetarian food products, Osem said in a statement to the Tel Aviv Stock Exchange.
As part of the deal, Nestle
Tivall already sells in Israel and to Europe but Osem seeks to expand meat substitute product sales to North America.
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