Strauss Group Ltd. (TASE:STRS) said today that it has set up a joint venture in China between subsidiary Strauss Water and China's Haier Whole Set Distribution Co. Ltd.
The joint venture will market Strauss Water products in China. Haier will provide distribution and support services.
Strauss Water will participate in the joint venture through a Hong Kong subsidiary that it set up, Strauss Water HK Trading Company Ltd.
The joint venture is 50% owned by Strauss Water and 50% by Haier. Each side committed to investing $10 million to set up the venture.
Strauss shares are little changed in 2010, falling 0.1% for the year to date.
Ofra Strauss is the chairperson of the Strauss Group, and Gadi Lesin is the CEO.
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2010
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