Nestle completes takeover deal

Nestle has completed a deal to buy Foodtech International, it has been reported.

According to Reuters, Israel-based food manufacturer Osem Investments – of which 53.8 per cent is owned by Swiss firm Nestle – has announced its Tivall unit has agreed to buy the company for $20 million (13.7 million pounds).

Some $9.4 million (6.5 million pounds) will be paid by Nestle, which will retain the intellectual property rights of US-based Foodtech.

Tivall will pay the additional $10.6 million (7.3 million pounds), according to a statement the unit sent to the Tel Aviv Stock Exchange.

Both Tivall and Foodtech produce vegetarian food products and the deal is expected to allow the former company to expand its sales of meat substitute items to North America.

People in scientific sales jobs may also be aware of Nestle’s latest research programme on the nutritional requirements of athletes. The company intends to provide information on how "to help support a more personalised approach to sports nutrition in the future", it announced in November.