FILED UNDER SOMETHINGISRAELI >> Food
Israeli food companies have invested $200 million in the establishment and purchase of companies abroad in 2005, according to Ron Kobrovsky, chairman of the Food Industries Association at the Manufacturers Association of Israel.
Kobrovsky says Israeli food retailers have also boosted the purchase of shares in leading international food manufacturers this year, in a bid to improve the prospects of entry into theses markets.
Exports of the food industry grew by 14 percent in 2005 in comparison to last year, and stood at $683 million. Exports to the European Union increased by 13.8 percent, and totalled $302 million, while exports to the United States grew by 26.2 percent, totalling $85 million by the end of 2005, Kobrovsky stated.
The main reasons for this increase in the food industry is the growth in demand for unique food products abroad, as well as focused operations carried out during the year, which aimed at heightening export in the field, Kobrovsky explained.
Several major players in the Israeli food industry have expanded overseas in 2005. Strauss-Elite, for example, has invested in the purchase of companies in Poland, Serbia, Montenegro, US and Brazil.
Meat substitute manufacturer Tivall is reportedly set to erect a factory in the Czech Republic with a $30 million investment, and has also purchased a Swedish meat substitutes manufacturer for 3.1 million Euro.
Tnuva, Israel's largest dairy products manufacturer, has also launched a business venture abroad, and has begun to build a dairy farm in Romania, in which it is set to invest $66 million.
Reproduced with permission: Ynetnews