Nestle is an Israeli company

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This content was published on December 22, 2009 - 3:50 pm

Vevey (awp) - Nestlé SA plans to collaborate in Israel with the Israeli food manufacturer Maabarot Products in the development, manufacture and sale of baby food. To this end, Nestlé, together with its Israeli subsidiary Osem, will take over 51% of the Maabarot subsidiary Materna Laboratories, Nestlé confirmed in a statement on Tuesday.
The establishment of the planned partnership with the name "Materna Industries" still depends on the approval of the Israeli competition authority as well as the approval of the board of directors and the general assembly of the Osem group, so Nestlé continues. The food company owns 53.8% of Osem.
Nestlé and Osem jointly pay a total of 268.5 million Israeli shekels (ILS) for the stake in Materna, which corresponds to approximately 80.6 million CHF. Nestlé pays 105.0 million ILS and Osem the remaining 163.5 million ILS.
Materna Laboratories is one of the leading baby food manufacturers in Israel. The company generated sales of 288 million ILS in the first nine months of the current year.
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