February 14, 2012
CHS fully acquires Solbar
CHS has finalised the acquisition of Solbar, a global firm in specialty soy proteins and soy isoflavones, the company announced on February 9.
Solbar provides soy protein ingredients to manufacturers in the meat, vegetarian, beverage, bars and crisps, confectionary, bakery, and pharmaceutical manufacturing markets.
Solbar corporate offices are in Ashdod, Israel, with manufacturing and logistics facilities in Ashdod and Ashkelon, Israel; South Sioux City, Nebraska; and Ningbo, China; and a sales office in Oakdale, Minnesota, US.
Solbar was a public company, and had been traded on the Tel Aviv Exchange since 2004.
CHS announced its intent to acquire Solbar on Nov. 23, 2011. The transaction was completed Feb. 9.
"The Solbar acquisition deepens our presence in the value-added soy protein market segment, and fits into CHS aspirations for business growth in food and food ingredient markets and global commodities expansion," said Mark Palmquist, CHS executive vice-president and chief operating officer, Ag Business.
CHS has soy processing, refining, and soy product manufacturing operations in Minnesota, Iowa, and Kansas. Solbar operations and its approximately 400 employees will be managed through CHS Oilseed Processing in the Ag Business division.
Solbar Chief Executive Officer Shaul Shelach said he is confident CHS is well-positioned to take Solbar products and operations to the next level.
"Both Solbar and CHS have a strong customer focus, a commitment to quality, interest in building market share and soy product manufacturing expertise," said Shelach.