21 May 2014 22:03 [Source: ICIS news]
MEDELLIN, Colombia (ICIS)--Cargill, the US agriculture and food giant, has signed an agreement to acquire Turyag, a Turkish fats and oils company, Cargill said on Wednesday.
The acquisition will allow Cargill to grow its food ingredient activities in Turkey and to expand its portfolio with oils and fats to better serve its customers in Turkey and beyond, the Minneapolis, Minnesota-based company said.
The acquisition will include integrated crush and refinery assets, sales and manufacturing organizations, related business-to-business (B2B) brands, intellectual property and more than 200 people currently employed by Turyag.
Excluded from the transaction are the retail business and consumer brands.
"The acquisition provides our customers with additional opportunities in the oils and fats space and enhances our long term view for developing our business in the Middle East, Turkey and North Africa," said Murat Tarakcioglu, president of Cargill in Turkey.
Today, Cargill is a major player in Turkey with a strong position in the food space and particularly in starches and sweetners, according to the company.
The transaction is still subject to regulatory approvals and is expected to close in the coming week.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
Asian Chemical Connections