TURKEY: Ferrero "in discussions" over Oltan Gida buy
Ferrero "in talks" with hazelnut co Oltan Gida
Italian chocolate maker Ferrero is "in discussions" over a potential acquisition of Turkish hazelnut group Oltan Gida, just-food understands.
Turkish press reports this weekend suggested a deal has been reached that would see the Nutella maker take control of Oltan Gida. Representatives from Oltan Gida and Ferrero were not available for comment at time of press.
However, a source close to the situation told just food: "Something is under discussion. Nothing has yet been secured."
Oltan Gida supplies various hazelnut products - including roasted, bleached and chopped hazelnuts as well as hazelnut kernels, meal and paste - to overseas food manufacturers. The majority of its revenues are generated in the chocolate sector. According to its website, Oltan Gida's largest markets are Italy, England, France and Germany. The group also exports hazelnut products to the US, Japan, China, Australia, South Africa and Egypt.
Oltan Gida's annual turnover is "more than" US$500m, the company revealed. It operates five cracking plants, two hazelnut kernel selection plants and an integrated hazelnut processing plant in Turkey.
According to FAO figures, Turkey is the world's largest hazelnut producing country, accounting for 70% and 82% of the world's production and export respectively. However, this year Turkish production has been hit by cold weather, with severe frosts at the end of March causing prices to spike by around one-third.
Ferrero has made steps to increase its investment in securing hazelnut supply lately. Earlier this year Ferrero made a commitment to invest in hazelnut cultivation in Serbia in a bid to create a European "centre for hazelnut production". The company signed a memorandum of understanding with the Serbian government that saw it start its own hazelnut production on 1,000 hectares of land and establish co-operation agreements with local growers.
Ferrero Group - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product and service offerings ...
Ferrero will continue to benefit from its huge brand popularity in Italy, which was the aim of a long-term strategy. During the forecast period, in order to face the increasing competition posed by le...
Ferrero, as one of the top companies in packaged food and a strong leader in confectionery in Germany, will continue to focus on its innovative strength and strong brand communication, which are the m...
Ferrero France is expected to maintain its leading position in confectionery and spreads, thanks to its strong brands, high reputation and wide consumer base. The company is forecast to develop new re...
- Focus: Will Danone return to growth in dairy?
- Why Nestle is relaxed about the China "drag"
- Comment: Paying the price for eating healthily
- Focus: Why French retail deals could hit suppliers
- M&A Watch: Emmi shareholders should consider sale
- SIAL 2014: Premier in talks over US manufacturing
- Danone "eyes acquisition of Mead Johnson"
- Symington's acquires Tanfield Foods
- Nestle organic sales fall on Asia, Europe
- Heinz silent over Polish factory expansion talk