Jerusalem, Jan 1 - Israeli foodmaker Osem Investments, which is 53.8 percent owned by Swiss food giant Nestle, said on Thursday one of its units completed a deal to buy Foodtech International for $20 million.
Tivall, Osem's unit that makes vegetarian and meat substitute products, will pay $10.6 million for U.S. based Foodtech, also a maker of vegetarian food products, Osem said in a statement to the Tel Aviv Stock Exchange.
As part of the deal, Nestle will pay $9.4 million and will retain Foodtech's intellectual property rights.
Tivall already sells in Israel and to Europe but Osem seeks to expand meat substitute product sales to North America.