Nestle to set up Israel R&D centre for snack foods
http://www.arabia.com/qatar/business/article/english/0,5508,36207,00.html
The Swiss giant which owns 50.1% of Israeli food maker Osem will invest millions of dollars to operate the new R&D centre
December 24, 2000, 12:17 PM TEL AVIV (Reuters)
- Swiss food giant Nestle will set up a global research and development centre for snack foods next year in Sderot, a town in Israel"s Negev desert, the Maariv newspaper reported on Sunday. Nestle owns 50.1 percent of Israeli food maker Osem Investments and the two together produce snack foods at a plant in Sderot.
According to Maariv, Nestle will invest millions of dollars to operate the new R&D centre.
The newspaper said the Swiss company owns 17 R&D centres around the world in the areas of chocolate, coffee and dairy products and invests over $500 million a year in research.
Osem shares opened up 1.03 percent at 28.35 shekels in a rising market
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