Turkey: Ferrero buys nut producer Oltan Gida

Turkey: Ferrero buys nut producer Oltan Gida

Oltan Gida, the largest hazelnut company in Turkey, has been acquired by Italian confectionery firm Ferrero, according to reports.

Oltan Gida has been the largest hazelnut exporter in Turkey since 2002, and in 2013 achieved sales of $500 million and total exports of 68,000 tonnes. Earlier this year the company invested TL 100 million in its facility in Turkey’s Manisa province in order to expand the plant’s product range.

The terms of the deal see Ferrero, producer of brands such as Kinder and Nutella and a major buyer of Turkish hazelnuts, acquire 70% of Oltan Gidah for an undisclosed sum.

Turkey is the leading global grower and exporter of hazelnuts, accounting for around 75% of the world’s hazelnut production.

Source: Daily Sabah