CHS to acquire Solbar for $133 million
ST. PAUL, MINN. — CHS, Inc. has signed an agreement to acquire Solbar Industries Ltd. for $133 million.
Solbar is headquartered in Ashdod, Israel and provides soy protein ingredients to manufacturers in the meat, vegetarian, beverage, bars and crisps, confectionery, bakery and pharmaceutical manufacturing markets.
“I believe that this change will prove to be a very important milestone in Solbar’s history,” said Shaul Shelach, chief executive officer of Solbar.
“I am convinced that under the leadership of CHS, Solbar will continue to grow and realize its great potential. CHS is a company that believes in agricultural processing and the potential of soybeans and soy based products, but mostly they believe in the importance of developing human resources. CHS will lead the further development of Solbar factories and its people.”
Closing is expected during the first quarter of calendar 2012. Shareholder and antitrust approvals must first be met.