CHS buys Israeli company for $133 million
2011-11-24 16:08:37
CHS Inc. said Wednesday it is buying Israeli soy-proteins company Solbar Industries Ltd. for $133 million.
Inver Grove Heights-based CHS said in a news release it expects the deal to close during the first quarter of next year. The companies first must get approval of Solbar's shareholders plus regulatory agencies outside of the United States.
Solbar, which is based in Ashdod, Israel, provides soy-protein ingredients to manufacturers in the meat, vegetarian, beverage, bars and crisps, confectionary, bakery and pharmaceutical markets, CHS said.
In addition to Israel, Solbar has facilities in South Sioux City, Neb., and Ningbo, China, plus a sales office in Oakdale, Minn.
CHS is a farmer-owned cooperative that supplies energy, crop nutrients, grain, livestock feed and food.