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Israel's Osem to buy Tribe Mediterranean for $57 mln
TEL AVIV - Israeli food maker Osem Investments said on Sunday it agreed to buy U.S.-based Tribe Mediterranean Foods Co for $57 million.
Osem said in a statement to the Tel Aviv Stock Exchange the Massachusetts-based chilled salad maker had sales of $20.6 million in 2007, up from $17.9 million in 2006.
Tribe has a 17 percent share of the Mediterranen chilled salad market in the United States.
Osem said the acquisition would be financed through its own funds as well as external funding. The company said it does not expect to have to make any substantial investments in Tribe in the near term.
The deal is subject to regulatory approval.
Osem, 53.8 percent owned by Swiss food maker Nestle, is one of Israel's largest food producers and exporters.
Osem said the acquisition had the support and cooperation of Nestle with the aim of developing the chilled salad market in North America.
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