Israeli foodmaker says plans to purchase 42% of vegetarian and meat substitute producer it does not own from its kibbutz owners
Israeli foodmaker Osem Investments said on Tuesday it was to buy the 42% of Tivall its does not own for NIS 468.5 million (about $129 million) from its kibbutz owners.
Osem, itself 53.8% owned by Swiss food company Nestle, already held 58% of Tivall, a stake it bought from kibbutz Lohamei Hagetaot.
Tivall makes vegetarian and meat substitute products.
A 2005 deal gave Osem the option to acquire full control of Tivall in 2013, but in March the kibbutz agreed to bring forward the date of the option.
"Raising the stake to 100% enables the Osem group to continue to realize its plans to expand in the meat substitute and salads markets in Israel, Europe and the United States and to fully benefit from the potential of this expansion," Osem said.
In January, Tivall bought US-based Foodtech International, also a maker of vegetarian food.