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TEL AVIV, Sept 14 Israeli food maker Strauss
Group (STRS.TA) said its 50 percent held subsidiary Sabra
Dipping Co will buy the refrigerated dips business of California
Creative Foods (CCF) for $33 million, expanding its presence in
The amount is subject to certain adjustments that will be
calculated on the closing date of the transaction, which is
expected to occur in 2010, Strauss, the world's sixth-largest
coffee firm, said on Tuesday.
The deal includes assets involved in the production,
marketing and sale of the refrigerated dips, including
CCF's revenue in 2009 was about $35 million and it ranks as
the largest company in the United States within its food
The acquisition will be funded by shareholders' loans.
Sabra, which is half owned by PepsiCo Inc (PEP.N), does not
intend to invest additional material sums in its refrigerated
dips business during the remainder of 2010.
(Reporting by Tova Cohen; Editing by Louise Heavens)