The company announced last week that it would separate its profitable activities from loss-making ones to boost growth and maximize the advantages for purchasing soybeans and polyoils on international commodities exchanges, according to the report.
But sources told the paper that the restructuring is a preliminary measure for a pending strategic partnership with Cargill, allowing it to become a minority shareholder in Soyprotec without having to acquire a stake in Shemen Industries itself.
Founded in July 2003, Soyprotec makes isoflavones from non-genetically engineered soybeans for use in the meat, soy, health food and baking industries. It is currently worth around $50 million, according to Globes Online, but under the new plan, the division will reach NIS 150 million (€26.8m) in sales this year, of which NIS 130 million will be from exports.
Shemen Industries chairman Haim Fink confirmed to the paper that the company was negotiating with Cargill for an agreement that would see Cargill market its products in Europe, although 'nothing has been signed yet'.
The deal would be Cargill's first investment in Israel.