Hürriyet - Italian confectionery maker Ferrero has acquired 100 percent stakes in Turkey’s Oltan Group, country’s largest producer and exporter of hazelnuts.
Based in Trabzon, one of Turkey’s main hazelnut growing provinces in the Black Sea region, Oltan Group’s operations include procurement, processing and marketing of hazelnuts. The company accounts for nearly one third of Turkey’s hazelnut exports and has an annual turnover of USD 500 million.
The financial details of the acquisition deal, subject to regulatory approval in Turkey, were not disclosed.
Ferrero commissioned a facility in Turkey’s Aegean province of Manisa last year, the company’s 19th, to produce Nutella and Kinder brand chocolates. Assisted by the Investment Support and Promotion Agency of Turkey (ISPAT) during its investment stages, the EUR 95 million plant is a part of the company’s strategy to expand presence in the growing Turkish market and reach new buyers in North Africa and the Middle East. Turkey is the world leader in the production of hazelnuts, a key ingredient in Nutella and other Ferrero products.