U.S. agricultural products trader Bunge moved to increase its presence in Turkey with the acquisition of olive oil and seed oil producer Ana Gida Ihtiyac Maddeleri ve Sanayi Ticaret.
Ana Gida is the owner of Komili, the market leading olive oil brand in Turkey with retail market share of more than 30 percent, Bunge said in a statement on Thursday.
Bunge said it will buy a 55.25 percent stake of Ana Gida from Anadolu Endustri Holding and the remaining 44.75 percent from SEEF Foods.
Anadolu Endustri Holding is part of holding company Yazicilar Holding which said in a separate statement that the value of Ana Gida was 172.5 million lira ($49 million) and that the final sale price would be determined after year-end cash, debt and working capital corrections.
Bunge has been operating in Turkey since 2000, according to its website, processing and distributing domestically produced and imported oilseeds such as sunflower, canola and soybean at several facilities.
“The acquisition will provide a strong vegetable oil portfolio across all price segments. This combined with the existing distribution network of Ana Gida will help Bunge to increase its reach and access to customers throughout Turkey,” the U.S. company said.
Yazicilar Holding expects the transaction to be completed in the first quarter of 2017.
By Sybille de La Hamaide
Source: Reuters
The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.
US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.
Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.
