Inver Grove Heights-based CHS, Inc., said Wednesday that it has agreed to buy soy-protein company Solbar Industries, Ltd., for approximately $133 million.
Ashdod, Israel-based Solbar provides soy protein ingredients to manufacturers in the meat, vegetarian, beverage, bars and crisps, confectionary, bakery, and pharmaceutical markets.
The two companies expect to close the deal in the first quarter of the 2012 calendar year. The acquisition is subject to the approval of Solbar's shareholders and antitrust approvals in certain jurisdictions outside of the United States.
In addition to its corporate office in Israel, Solbar also has manufacturing and logistics facilities in Ashdod and Ashkelon, Israel; South Sioux City, Nebraska; and Ningbo, China. It also has a sales office in Minnesota-which is located in Oakdale.
Solbar is a public company and has been traded on the Tel Aviv Exchange since 2004.
CHS is a diversified energy, grains, and foods business that's owned by farmers, ranchers, and co-ops across the United States. It supplies energy, crop nutrients, grain, livestock feed, food, and food ingredients-along with business solutions including insurance, financial, and risk-management services. Its 2010 revenue totaled $25.3 billion, making it the largest revenue-producing co-op in the nation.