Sector News

Ajinomoto expands in Turkey with $51.7m Kükre acquisition

August 22, 2017
Consumer Packaged Goods

Ajinomoto has bought an additional 50% stake in Turkish food company Kükre for TRY 181 million ($51.7 million), becoming the sole owner.

In 2013, Ajinomoto acquired a 50% stake in Kükre and it has been strengthening its existing business in Turkey and expanding into new areas of food. The Japanese company now aims to strengthen its operations in the Middle East on the back of the deal.

As a result of steady growth in sales of vinegar and fruit sauces as well as enhanced initiatives for growing retail chains since 2013, net sales of Kükre in 2016 were approximately TRY 70 million ($20 million), nearly doubling from 2014.

Earlier this year Ajinomoto acquired all shares of Turkish Food company Örgen, as it further enhances its presence in the country. The Ajinomoto Group now intends to strengthen cooperation between Ajinomoto Istanbul Food Sales, Kükre and Örgen.

Ajinomoto announced in March that it would invest $15 million in Israeli plant-based protein company Hinoman.

Source: Foodbev.com

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