ASHDOD, ISRAEL — Solbar Industries Ltd. announced its subsidiary, Solbar USA, Inc., has acquired Green Planet Farms’ plant in South Sioux City, Neb., for approximately $7.75 million.
The Green Planet Farms plant, which specialized in production of soy processing, was built in 2008 and includes new assembly lines and modern equipment and technology to produce soy protein isolate. Additionally, the plant was built with the goal of using an eco-friendly process that separates protein from oil without the use of chemicals, Solbar said.
“We are very proud of this strategic move to purchase the factory to manufacture isolated soy protein in the USA,” said Shaul Shelach, president and chief executive officer of Solbar. “This purchase will significantly take Solbar forward in our manufacturing and sales capabilities within the main target market in the USA. It will help the company leverage our leading technology and our innovative products for beverages and extruded protein snacks towards the large clients in the USA market.
“The company keeps strengthening its competitiveness in the main target markets, USA and Asia, and enjoys growing demand for advanced soy products from the health and nutrition market as well as from the meat industry. Solbar has high expectations from the purchase of the factory in the USA and from deepening its penetration into the U.S. market and I’m confident that this step will lead the company to an increase in sales worth tens of millions of dollars in the next few years.”
The acquisition of the plant continues Solbar’s growth efforts in the United States. The company earlier put together a new management and sales team in the United States and has recently signed sales agreements with several large clients.
“Solbar will also examine plans to expand the factory, if necessary, understanding that this purchase will significantly increase our sales scopes in the U.S., our profitability and our financial robustness,” Mr. Shelach said. “Solbar continues its penetration into new markets in the health food market while expanding its activity portfolio to new and advanced applications of soy protein.”
Solbar Industries Ltd. produces specialty soy proteins and soy isoflavones, and supplies natural soy solutions to the food and nutritional markets. Solbar, a public company, traded on the Tel Aviv Exchange, has manufacturing sites in Israel and China.