4/17/2009

Turkey’s Ulker and Danish Gumlink to form a 50:50 JV

Today’s Zaman - Ali Ulker, CEO of Turkey's food giant Ulker, has said the company will establish a new factory in Turkey and create job opportunities for some 900 people in the coming months. Speaking at a press conference in Istanbul, Ulker announced that Yildiz Holding A.S, the food giant's parent company, has signed a partnership agreement with the Danish Gumlink A.S, the world's leading supplier of chewing gum, to form a 50:50 joint venture under the name of Continental Confectionery Company (CCC Gida Sanayi ve Tic. A.S). He said Ulker will invest USD 100 million in the new factory and expects USD 150 million in exports once production begins. The factory, due to be finished in 2010, will be located in the Marmara region of Turkey; however the exact location has yet to be chosen, he said. Operating in nine countries, Yildiz Holding will combine operations with Gumlink to control activities in Europe, Russia, the Middle East and North Africa. Yildiz Holding acquired the Belgian chocolate maker Godiva from the US Campbell Soup Co. in March 2008.

ENGLISH