Milliyet – US-based multinational Cargill has announced the acquisition of Alemdar Kimya, a producer of vegetable oil-based industrial commodities in Turkey. The total investment cost of the deal is reported as USD 50 million, including all shares, name rights, facilities and a land plot adjacent to 95-year old Alemdar Kimya’s production site in Gebze, Kocaeli.
Becoming Cargill’s third oleochemicals plant outside the US and Russia, the Gebze plant will produce various industrial raw materials to be used in textiles, printing, machinery, and other sectors.
“Being the most dynamic country of its region with a constantly growing economy, Turkey has been the management center for Cargill’s Middle Eastern and North African operations since 2008. Now we are investing in Turkey once again to make the country a regional development and supply base for vegetable oil-based industrial products”, Cargill Turkey’s Chairman Murat Tarakcioglu said at the press event announcing the deal. “The investment will reduce the import of various industrial products and help reduce Turkey’s current account deficit by USD 50 million a year” Tarakcioglu said, stating that the acquisition will let Cargill use locally procured raw materials for production.