Cargill to acquire Turkey oil, fats company
May 22, 2014
by World Grain Staff
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ISTANBUL, TURKEY — Cargill said on May 21 that it has signed an agreement to acquire Turyağ, a Turkish fats and oils company employing more than 200 people. The acquisition will allow Cargill to grow its food ingredient activities in Turkey and to expand its portfolio with oils and fats to better serve its customers in Turkey and beyond.
The acquisition will include integrated crush and refinery assets, sales and manufacturing organizations, related B2B brands, intellectual property and know-how, and more than 200 people currently employed by Turyağ. Excluded from the transaction are the retail business and consumer brands.
Murat Tarakçıoğlu, president of Cargill in Turkey said: “The acquisition of Turyağ will help Cargill create value for our customers in Turkey. It will diversify our product offering and portfolio, enabling us to build stronger partnerships with global, regional and local customers.”
Cargill is a major player in Turkey with a strong position in the food space and particularly in starches and sweeteners.
“The acquisition provides our customers with additional opportunities in the oils and fats space and enhances our long term view for developing our business in the Middle East, Turkey and North Africa,” Tarakçıoğlu said.
The transaction is still subject to regulatory approvals and is expected to close in the coming weeks.