The soy protein company has bought a plant in Nebraska.
Solbar Industries Ltd. (TASE: SLBR) announced today that it was expanding its activity to the US, and its share price soared in response. The company makes soy protein and soy Isoflavone products.
The company reported that its US unit Solbar USA had bought a plant, Green Planet Farms in South Sioux City, Nebraska, for $5.5 million. The deal includes a leasing agreement for the land on which the plant stands, and an option to buy it. The rent will be $544, 000 annually plus interest. The company will make a non-returnable advance payment of $2.5 million for the option.
Solbar said in its announcement that it intended "to produce at the plant the advanced products that it had lately produced for the US market, and at the same time to meet the developing demand for the proteins as the sole supplier of these products in the US."
Solbar shares rose 2.86% on the Tel Aviv Stock Exchange today.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2010
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