Sabah - US-based food giant Cargill has acquired Turyag, a Turkish fats and oils company employing more than 200 people. The announcement for the deal came right after Cargill’s acquisition in Turkey in April, thus marking the multinational company’s entrance to the Turkish oils and fats market.
Last month, Cargill acquired Alemdar Kimya, a producer of vegetable oil-based industrial commodities in Turkey, and disclosed that the total investment cost was USD 50 million.
Under the terms of the deal signed for Turyag, Cargill’s acquisition includes Turyag’s integrated facilities in the Balikesir Organized Industry Zone in Turkey’s Marmara region, sales and manufacturing organizations, related B2B brands, intellectual property and know-how, excluding the company’s retail business and consumer brands.
The acquisition of Turyag, which is a company ranked 240th in the Istanbul Chamber of Commerce’s top 500 list with its turnover of TRY 348 million, is subject to regulatory approvals of the Competition Authority. Murat Tarakcioglu, President of Cargill Turkey, said that they are open for new opportunities and revealed details about the deal: “Turyag means an investment value of more than USD 100 million for Cargill, including sales value and projected operation capital. This acquisition will enable Cargill to further boost its existing market leader position in starch and sweetener market through fats and oils.”
Commenting on the Turyag acquisition, Inanc Isik, Cargil’s Sales and Marketing Manager in Turkey, said that the number of Cargill’s fats and oils facilities in the world will reach 40, and that this deal is the company’s first-ever investment in the Turkish fats and oils market. Meanwhile, with a global turnover of USD 134 billion, Cargill’s total sales revenues in its manufacturing, imports, and transit trade in Turkey amount to USD 1 billion.
In addition to the Turkish domestic market, Cargill will focus on oils and fats exports, particularly on the Middle Eastern and North African markets, following the acquisition of Turyag.