Soglowek Acquires Teva Off Brand15 May 2009
ISRAEL - Soglowek has outbid Tnuva for the Teva Off poultry brand.
Haaretz reports that the Soglowek meat processing company has outbid Tnuva for the Teva Off poultry brand. Soglowek offered NIS 2.5 million to the brand's receiver, while Tnuva offered 1.5 million shekels (NIS).
The deal covers the right to use the Teva Off brand name, plus 70 refrigerators that had been owned by Teva Off M'Ha'Emek, the brand's owner.
Teva Off chickens are bred and raised without antibiotics, and are given more living space than ordinary broilers, with 12 birds per square metre.
A receiver had been named to Teva Off M'Ha'Emek at the start of April, after the collapse of the Off Haemek slaughterhouse, which had owned 25 per cent of Teva Off M'Ha'Emek. The other 75 per cent is owned by businessman, Amnon Ariel.
The sale to Soglowek remains contingent on the court's approval.
Soglowek chief executive, Eli Soglowek, commented that the brand is synergistic with the company, which also makes chicken products and owns a poultry slaughterhouse. "The company views health products as a future growth driver," he said.
He added that Soglowek would start by slaughtering 10,000 Teva Off chickens a day, beginning in three months' time, and ramp up the pace as demand developed. The birds will continue to be bred without antibiotics, he told Haaretz.